(1) Where a holder of a licence or authorisation under section 9A ceases to carry on banking business in circumstances to which section 57 of the Central Bank Act, 1989, applies, 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 or authorisation under section 9A 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 or authorisation under section 9A relates to another holder of a licence or authorisation under section 9A.