Central Bank Act, 1971

Duties of holder of licence on termination of banking business.

31.—(1) Where a holder of a licence ceases in circumstances other than those specified in paragraphs (a) to (d) of section 30 of this Act to carry on banking business, he shall, as soon as may be, notify all persons having deposits (including deposits on current accounts) with him of such cesser and he shall, if any such person so demands, pay to that person forthwith the amount of his deposit together with the amount of any interest accrued thereon.

(2) Where a holder of a licence proposes to cease carrying on banking business, he shall notify the Bank in writing of the proposal not less than three months before the date of the cesser.

(3) This section does not apply in relation to a cesser occasioned by the transfer of the business to which a licence relates to another holder of a licence.