Banking and Financial Institutions Act 1989 · s 52

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

52. (1) Where any person proposes to give any credit facility to any person on the security of any property of any licensed institution, he shall, before giving such credit facility, submit a report on the proposed credit facility to the Bank if the property to be provided as security for the proposed credit facility, by itself, or together with any other property of such licensed institution already held as security for any other credit facilities given by him, would constitute five per centum or more of the properties of such licensed institution.
(2) Where a licensed institution proposes to provide its property as security in respect of a credit facility to be given by any person to the licensed institution or to any other person, it shall, before doing so, submit a report on the matter to the Bank.
(3) The report required to be submitted under subsection (1) or (2) shall contain all relevant details and particulars of the transaction and shall, in any case, include the following:
(i) the names and addresses of the persons to whom the credit facility is proposed to be given;
(ii) the name and address of the licensed institution whose property is to be provided as security for the proposed credit facility;
(iii) details of the property to be provided as security for the proposed credit facility; and
(iv) the amount of the proposed credit facility.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 52

(1)

Where any person proposes to give any credit facility to any person on the security of any property of any licensed institution, he shall, before giving such credit facility, submit a report on the proposed credit facility to the Bank if the property to be provided as security for the proposed credit facility, by itself, or together with any other property of such licensed institution already held as security for any other credit facilities given by him, would constitute five per centum or more of the properties of such licensed institution.

(2)

Where a licensed institution proposes to provide its property as security in respect of a credit facility to be given by any person to the licensed institution or to any other person, it shall, before doing so, submit a report on the matter to the Bank.

(3)

The report required to be submitted under subsection (1) or (2) shall contain all relevant details and particulars of the transaction and shall, in any case, include the following:

(i)

the names and addresses of the persons to whom the credit facility is proposed to be given;

(ii)

the name and address of the licensed institution whose property is to be provided as security for the proposed credit facility;

(iii)

details of the property to be provided as security for the proposed credit facility; and

(iv)

the amount of the proposed credit facility.