Banking and Financial Institutions Act 1989 · s 25

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25. (1) No person shall receive, take, or accept deposits except under and in accordance with a valid licence granted under section 6 (4) to carry on banking, finance company, merchant banking or discount house business.
(2) The provisions of subsection (1) shall have full force and effect notwithstanding anything contained in any other written law, and, in particular, notwithstanding anything contained in the Companies Act 1965 in respect of borrowing corporations as defined in section 4 of that Act.
(3) For the purposes of this section, the definition of "deposit" in section 2 is modified by—
(a) substituting for the words "received or paid", the words "or any precious metal, or any precious stone, or any article which is comprised, in part or in whole, of any precious metal or precious stone, and any other article or thing as may be prescribed by the Minister, on the recommendation of the Bank, received, paid or delivered";
(b) by inserting after the words "repaid", "repayable", "repayment" and "payment" the words "or returned", "or returnable", "or return", and "or delivery", respectively.

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s 25

(1)

No person shall receive, take, or accept deposits except under and in accordance with a valid licence granted under section 6 (4) to carry on banking, finance company, merchant banking or discount house business.

(2)

The provisions of subsection (1) shall have full force and effect notwithstanding anything contained in any other written law, and, in particular, notwithstanding anything contained in the Companies Act 1965 in respect of borrowing corporations as defined in section 4 of that Act.

(3)

For the purposes of this section, the definition of "deposit" in section 2 is modified by—

(a)

substituting for the words "received or paid", the words "or any precious metal, or any precious stone, or any article which is comprised, in part or in whole, of any precious metal or precious stone, and any other article or thing as may be prescribed by the Minister, on the recommendation of the Bank, received, paid or delivered";

(b)

by inserting after the words "repaid", "repayable", "repayment" and "payment" the words "or returned", "or returnable", "or return", and "or delivery", respectively.