Deposit Protection Act · 2023 Revised Edition · Part 4
27. Membership
Official textFrom Attorney General's Chambers, unchanged
Every financial institution is deemed to be a member institution from the commencement of this Act.
financial institution
“financial institution” means a bank licensed under section 4 or 23 of the Banking Order, 2006, an Islamic bank licensed under section 4 or 23 of the Islamic Banking Order, 2008 and a finance company licensed under section 3 of the Finance Companies Act;
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
member institution
“member institution” means any financial institution deemed to be a member institution under section 27 whose membership has not been cancelled under section 31 or terminated under section 32;
of the Finance Companies Act (Chapter 89), as the case may be.
Terms defined in s 2
financial institution
Defined · s 2“financial institution” means a bank licensed under section 4 or 23 of the Banking Order, 2006, an Islamic bank licensed under section 4 or 23 of the Islamic Banking Order, 2008 and a finance company licensed under section 3 of the Finance Companies Act;
member institution
Defined · s 2“member institution” means any financial institution deemed to be a member institution under section 27 whose membership has not been cancelled under section 31 or terminated under section 32;
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Offences
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