47.—(1) In this section, the expression “banking business” means a business which consists of or includes the acceptance of deposits payable on demand or on not more than seven days notice, but the acceptance by a trader of deposits from persons employed by him in his trading business or the acceptance by a trader in the normal course of his trading business of deposits from persons who are customers of that trading business or the acceptance by a trader of both those classes of deposits shall not of itself make the trading business of such trader a banking business for the purposes of this section.
(2) No person (other than a bank to which this Part of this Act does not apply) shall, on or after the 1st day of January next after the passing of this Act, carry on a banking business or hold himself out or represent himself as carrying on any business which is banking business within the meaning of this section unless he holds a banker's licence issued to him under this section and for the time being in force.
(3) Any person may apply to the Revenue Commissioners and obtain from them a licence (in this Act referred to as a banker's licence) authorising him to carry on banking business from the date of issue of such licence until the next following 31st day of December or, in the case of a licence issued by way of renewal of a licence which has not expired, from the 1st day of January next after the date of issue of the licence so issued until the next following 31st day of December.
(4) Every banker's licence and every application for a banker's licence shall be in the form prescribed by regulations made under this section and, if a stamp duty is payable by law on such licence, such application shall be accompanied by the amount of such duty and the payment of such duty shall be a condition precedent to the consideration of such application.
(5) Where the holder of a banker's licence (in this sub-section referred to as an existing licence) desires to obtain a banker's licence (in this sub-section referred to as a renewal licence) by way of renewal of such existing licence he may apply under this section for such renewal licence before but not more than one month before the expiration of such existing licence.
(6) The Revenue Commissioners shall send to the Bank in the month of January in every year a list containing the name and address of every person to whom a banker's licence expiring on the 31st day of December in that year has been issued under this section before the date on which such list is so sent, and shall also, whenever a banker's licence so expiring is issued under this section on or after the date on which such list is so sent, forthwith notify the Bank of the issue of such licence and of the name and address of the person to whom it is issued.
(7) The Revenue Commissioners may, with the consent of the Minister, make regulations prescribing forms for bankers' licences and applications therefor and the procedure generally in relation to applications for and the issue of bankers' licences.
(8) Every person who, in contravention of this section, carries on banking business or holds himself out or represents himself as carrying on any business which is banking business within the meaning of this section shall be guilty of an offence under this section and shall be liable on summary conviction thereof to a fine not exceeding one hundred pounds together with a further fine not exceeding ten pounds for every day during which such contravention is continued.