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PART II LICENCES

3. (1)

Requirement for licence

A person shall not carry on banking business or hold himself out as carrying on banking business in the Currency Union without a licence granted by the Central Bank.

(2) A financial institution which, at the commencement of this Act, holds a valid licence under this Act to carry on banking business in the [Territory] shall be deemed to have been granted a licence under section 8.

(3) Notwithstanding the provisions of subsection (2), the Central Bank shall, within a set period of the commencement of this Act, as the Central Bank may determine, issue to a financial institution a new licence certificate under this Act.

(4) Any person intending to carry on banking business in the Currency Union shall, before commencing such business, apply for a licence under the provisions of section 7.

(5) Any person who contravenes the provisions of subsection (1) commits an offence and is liable on summary conviction: (a) in the case of a financial institution, to a fine of one million dollars, and in the case of a continuing offence, to a further penalty of one hundred thousand dollars for each day on which the offence is continued after conviction;

(b) in the case of a director or a officer, to a fine of five hundred thousand dollars or to imprisonment for a term not exceeding three years or to both such fine and imprisonment and in the case of a continuing offence,

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