The Act of 1971 is hereby amended by the substitution of the following section for section 8:

"8.

(1)

(a) Where, by reason only of a person's use in a name or title of any of the words 'bank', 'banker' or 'banking' or any word which is a variant, derivative or translation of or is analogous to any of those words, the person would be deemed to be holding himself out as a banker, the Bank may exempt the person from the provisions of section 7 of this Act if, in the opinion of the Bank, the person does not in fact carry on or propose to carry on banking business and does not otherwise hold himself out or represent himself as a banker or as carrying on banking business.

(b) The Bank may at any time revoke an exemption under this subsection where it is of the opinion that at any time after being exempted the person concerned has carried on banking business or otherwise has held himself out or represented himself as a banker or as carrying on a banking business and, upon the exemption being so revoked, that person shall forthwith take all necessary measures to cease using the name or title concerned containing the word to which the revoked exemption related.

(2)

(a) The Bank may exempt any class or classes of person from the requirement for each of them to hold a licence where -

(i) the requirement would arise solely out of the issuing of securities or other obligations to which the definition of 'banking business' relates, and