Central Bank Act, 1971

Conditions of licences.

10.—(1) Subject to subsection (2) of this section, a licence shall be subject to such conditions (which expression in this and the next following subsection does not include a condition of the kind specified in subsection (4) of this section), if any, as the Bank may impose and specify at the time of the grant thereof, being conditions which in the opinion of the Bank are calculated to promote the orderly and proper regulation of banking.

(2) The conditions of a licence may be amended, revoked or added to and conditions may be imposed in relation to a licence from time to time by the Bank if in the opinion of the Bank the amendment, revocation, addition or imposition is calculated to promote the orderly and proper regulation of banking.

(3) Whenever the Bank proposes to impose a condition in relation to a licence or to amend or add to the conditions of a licence—

(a) it shall notify in writing the person who holds the licence or to whom the licence is intended to be granted that it intends to impose a condition in relation to the licence or to amend or add to the conditions of the licence, as the case may be, and of its reasons for so doing and that the person may, within twenty-one days after the date of the giving of the notification, make representations in writing to the Bank in relation to the imposition, amendment or addition, as the case may be, and shall specify in the notification, the condition or the amendment or addition, as the case may be,

(b) the person may make such representations to the Bank within the time aforesaid, and

(c) the Bank shall, before deciding to impose the condition or amend or add to the conditions of the licence, as the case may be, consider any representations duly made to it under this subsection in relation to the imposition, amendment or addition, as the case may be.

(4) (a) The Minister may by order, if the Bank so requests, provide that it shall be a condition of every licence (whether granted before or after the making of the order) that the holder thereof shall be a company.

(b) The Minister may by order, if the Bank so requests, amend or revoke an order under this subsection, including an order under this subparagraph.

(c) Licences shall have effect subject to and in accordance with the terms of any orders for the time being in force under this subsection.

(d) The Bank shall not make a request under this subsection unless it is of opinion that the grant of the request is calculated to promote the orderly and proper regulation of banking.