Banking and Financial Institutions Act 1989 · s 19

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s 19

(1)

No person shall—

(a)

after the effective date commence to carry on a scheduled business unless—

(i)

it is a company; and

(ii)

it has first complied with the requirements of section 21 (1); or

(b)

where it was carrying on a scheduled business immediately before the effective date, continue to carry on such business unless within ninety days after the effective date it has complied with the requirements of section 21 (1), and has obtained a written acknowledgement from the Bank in respect of such compliance.

(2)

Subsection (1) shall not apply to a co-operative society, a statutory body, a local authority, a licensed bank, a licensed finance company or a licensed merchant bank.