Central Bank Act, 1971

Provisions in relation to incorporation of banking companies.

15.—(1) Before the incorporation of a company under the Companies Act, 1963 , which, if incorporated, would, in the opinion of the registrar of companies, within the meaning of that Act, be holding itself out as a banker or have as one of its objects in its memorandum of association the carrying on of banking business, the registrar shall notify the Bank of the delivery to him of the memorandum and articles, within the meaning of that Act, of the company and shall not give a certificate of incorporation under that Act in respect of the company unless and until the Bank indicates to the registrar its willingness to grant a licence to the company or to exempt it under section 8 of this Act.

(2) Upon delivery to the said registrar of companies pursuant to section 352 of the Companies Act, 1963 , of the documents specified in that section in relation to a company, the registrar shall, if the company is such that if it carried on business in the State it would be holding itself out as a banker or have as one of its objects in its memorandum of association the carrying on of banking business, notify the Bank as soon as may be of the delivery.

(3) Whenever the registrar of companies is given notice of an alteration in any instrument constituting or defining the constitution of any company, he shall inform the Bank as soon as may be of the alteration if, in the opinion of the registrar, the company would, by virtue of the alteration, be holding itself out as a banker or have as one of its objects the carrying on of banking business.