|
Item |
Provision affected |
Amendment |
|
|---|---|---|---|
|
1. |
Section 21 (as substituted by section 38 of the Central Bank Act 1989) |
Substitute the following section: |
|
|
"Bank may give certain directions to holders of licences. |
21.—(1) In this section— |
||
|
‘banking activity' means— |
|||
|
(a) carrying on banking business, or |
|||
|
|
|
|
(b) making payments other than those that are specifically connected with carrying on banking business, or |
|
|
|
|
(c) acquiring or disposing of assets or liabilities; ‘prescribed circumstance', in relation to the holder of a licence, means any of the following: (a) the holder has become or is likely to become unable to meet its obligations to its creditors; (b) the holder is not maintaining or is unlikely to be in a position to maintain adequate capital resources having regard to the volume and nature of the holder's business; (c) the holder is failing or has failed to comply with a condition imposed in relation to |
Version status: Partly in force | Document consolidation status: Updated to reflect all known changes
Version date: 1 August 2004 - onwards