Central Bank Act, 1971

Restriction on advertising for deposits.

27.—(1) Subject to subsection (2) of this section, a person shall not advertise for or otherwise solicit deposits on his own behalf or on behalf of any other person.

(2) Subsection (1) of this section does not apply to advertising for or otherwise soliciting deposits—

(a) by the holder of a licence or the Bank or a person to whom, by virtue of section 7 (4) of this Act, section 7 (1) of this Act does not apply, or

(b) by any person on behalf of a person specified in paragraph (a) of this subsection.

(3) In this section—

“deposits” does not include deposits with a trader by persons employed by him in his trading business or by his customers in the normal course of his trading business or deposits in respect of the letting or selling of goods under a hire-purchase agreement or a credit-sale agreement;

“solicit deposits” includes publish or display any matter soliciting deposits whether by notice, circular, photograph, cinematograph film, sound broadcasting, television, personal canvassing or otherwise.