(1) In this section the expression "local register" means a register of such of the shareholders of the Bank in respect of which the expression is used as are resident in Saorstát Eireann with such particulars of those shareholders as are mentioned in section 25 of the Companies (Consolidation) Act, 1908.
(2) Every Bank which is incorporated in a place outside Saorstát Eireann and is admitted to be one of the first Shareholding Banks and does not at the time of the establishment of the Commission maintain in Saorstát Eireann a local register shall within three months after such establishment or such longer period as may be sanctioned by the Minister after consultation with the Commission, set up in Saorstát Eireann a local register, and the failure of any such Bank so to set up such a register shall be a ground for removing such Bank from being a Shareholding Bank.
(3) No Bank which is incorporated in a place outside Saorstát Eireann shall be admitted after the establishment