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Banking and Financial Institutions Act 1989 · s 55
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Banking and Financial Institutions Act 1989 · s 55
Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.
No person shall accept appointment or election as a director of a licensed local institution unless he has, prior to such acceptance, obtained the written consent of the Bank to accept the same.
Where the Bank refuses to give its consent under subsection. (1), it shall notify the applicant in writing of its refusal.