Banking Bill
Table of Contents
Long Title
Enacting Formula
Part I PRELIMINARY
1 Short title and commencement
2 Interpretation
Part II APPOINTMENT OF COMMISSIONER OF BANKING
3 Appointment of Commissioner of Banking
Part III LICENSING OF BANKS
4 Licensing of banks
5 Use of word "bank"
6 Examination of persons suspected of transacting banking business
7 Application for licence
8 Licence fees
9 Minimum capital requirements
10 Capital funds
11 Foreign government owned banks
12 Branches
13 Fees to be paid in respect of branches of banks
14 Mergers
15 Amendment of bank’s constitution
16 Revocation of licence
17 Effect of revocation of licence
Part IV RESERVE FUNDS, DIVIDENDS, BALANCE-SHEETS AND INFORMATION
18 Maintenance of reserve fund
19 Maintenance of adequate provision for bad and doubtful debts
20 Dividends
21 Publication and exhibition of audited balance-sheet
22 Information to be furnished by banks
23 Action to be taken if advances are against the interests of depositors
24 Disclosure of interest by directors
Part V PROHIBITED BUSINESS
25 Advances, credits and guarantees
26 Trade
27 Investments
28 Immovable property
29 Loans secured by immovable property
30 Liquidation of prohibited transactions
31 Deductions for purposes of sections 25, 27 and 28
32 Proof of compliance with section 25, 27, 28 or 29
33 Definition of published reserves
Part VI MINIMUM ASSET REQUIREMENTS
34 Minimum liquid assets
35 Minimum cash balances
36 Minimum asset requirement
Part VII POWERS OF CONTROL OVER BANKS
37 Regulation of interest rates of banks
38 Recommendations to banks concerning credits and investments
39 Inspection of banks
40 Special investigation of banks
41 Production of bank’s books, accounts and documents
42 Banking secrecy
43 Information of insolvency, etc
44 Action by Commissioner if bank is unable to meet obligations, etc., or conducting business to the detriment of depositors
45 Powers of Minister
46 Duration of control
47 Bank under control of Commissioner to co-operate with Commissioner
48 Remuneration and expenses of Commissioner and others in certain cases
49 Moratorium
Part VIII NUMBERED ACCOUNTS
50 Banks may with the approval of the Minister open numbered accounts
51 Types of numbered accounts
52 Secrecy of numbered accounts
Part IX MISCELLANEOUS
53 Auditing
54 Clearing House and settlement of balances between banks
55 Declaration of holidays
56 Priority of deposit liabilities
57 Execution of instruments under seal
58 Disqualification of directors and employees of banks
59 Offences by directors or managers
60 Offences by directors, employees and agents
61 Indemnity
62 Power to compound
63 Publication of list of banks
64 General penalty
65 Offences triable in District Court
66 Consent of Attorney-General
67 Recovery of fees, expenses, etc
68 Operation of Act not to affect the Companies Act, 1967
69 Exemption
70 Regulations
71 Repeal
Part X TRANSITIONAL
72 Transitional licensing provisions
Explanatory Statement
Expenditure of Public Money