Deposit Protection Act · s 27

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s 27Membership

(1)

Every financial institution is deemed to be a member institution from the commencement of this Act.

(2)

Any financial institution licensed after the commencement of this Act is deemed to be a member institution from the date it was granted a licence under section 4 or 23 of the Banking Order, 2006 (S 45/2006), section 4 or 23 of the Islamic Banking Order, 2008 (S 96/2008) or section 3

of the Finance Companies Act (Chapter 89), as the case may be.