Banking and Financial Institutions Act 1989 · s 34

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s 34

(1)

Where a licensed institution which is authorised under its licence to receive deposits, receives any deposit, the deposit shall be repayable on the expiration of such minimum or maximum period as may be specified by the Bank.

(2)

The Bank may specify the minimum amount of a single deposit, or the maximum aggregate amount of all deposits which such licensed institution may accept on deposit from a single depositor, and also other terms and conditions on which deposits may be accepted by it.

(3)

A specification under subsection (1) or (2) shall not affect any agreement between a depositor and the institution made before such specification comes into force.