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payable shall be calculated on a pro rata basis.

(3) Where a licensed financial institution or a licensed financial holding company fails to pay the annual licence fees under subsection (1), the licensed financial institution or licensed financial holding company is liable to a penalty of ten thousand dollars and a further penalty of one thousand dollars for each day of default. Permissible activities 10. (1) A licensed financial institution shall not carry on any business except as provided in this section. (2) A licensed financial institution may conduct one or more of the following activities: (a) acceptance of deposits and other repayable funds: (b) lending; (c) financial leasing; (d) investment in financial securities: (e) money transmission services; (f) issuing and administering means of payment including credit cards, travellers cheques, bankers’ drafts, and electronic money; (g) guarantees and commitments; (h) the keeping and administration of securities; (i) credit reference services; (j) safe custody of valuables; (k) electronic banking; (l) payment and collection services; (m) dealing in foreign currency; and (n) any other services that the Central Bank may determine as banking practice.

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