Graat or refusal of Beence.
Minimuna paid up capital, otc.
(3) After receiving an application for a licence, the Commissioner shall forward to the Financial Secretary the application and his advice as to whether or not the applicant should be granted a licence or, în the case of a proposed company, whether or not the company upon incorporation should be granted a licence.
7. (1) After receiving the application and the advice of the Commissioner pursuant to the provisions of section 6, the Financial Secretary may
(a) grant a licence or, in the case of a proposed company, intimate his intention to grant a licence upon receipt of notice of the incorporation thereof;
(b) grant a licence subject to such conditions as he may think proper to attach thereto in any particular case or, in the case of a proposed company, intimate his intention, upon receipt of notice of the incorporation thereof, to grant a licence subject to the attachment of such conditions;
(c) without assigning any reason therefor, refuse to grant a licence or, in the case of a proposed company, intimate his intention to refuse to grant a licence upon receipt of notice of the incorporation thereof.
(2) An applicant for a licence or, in the case of a proposed com- pany, an applicant for an intimation that a licence will be granted upon the incorporation thereof, may, within thirty days after receipt of the decision of the Financial Secretary upon the application appeal by way of petition to the Governor in Council and the Governor in Council may confirm, vary or reverse the decision of the Financial Secretary, (3) The decision of the Governor in Council upon any appeal pursuant to the provisions of subsection (2) shall be final.
B. (1) No company shall be granted a licence unless-
(a) its capital issued and paid up is not less than five million dollars (or the equivalent amount in the case of a company incorporated outside the Colony) deduction having been made in respect of a debit balance, if any, appearing in the profit and loss account of the company:
(b) its assets within the Colony, after due provision has been made for all known bad and doubtful debts, exceed its de- posit liabilities, if any, within the Colony, as defined by sub- section (5) of section 18, by not less than five million dollars.
(2) For the purposes of paragraph (5) of subsection (1),—
(a) "assets within the Colony" shall include, but shall not be limited to, specified liquid assets as defined in subsection (6) of section 18:
(b) in the case of a bank operating in the Colony and also else- where, the offices and branches situated in the Colony shall, for the purposes of this Ordinance, be deemed collectively to be a separate bank carrying on business in the Colony.
9.
(1) The Financial Secretary may, at any time, revoke a Revocation, Licence, if he is satisfied that the bolder of the licence-
of licence by
Financial
Secretary.
(@) has ceased to transact banking business in the Colony, or
(6) has gone into liquidation or has been wound up or otherwise
dissolved.
(2) The holder of a licence may appeal by way of petition to the Governor in Council against the revocation of such licence by the Financial Secretary and the Governor in Council, whose decision shall be final, may confirm, vary or reverse such revocation.
10. Where the Financial Secretary makes a report to the Governor Revocation
of licence by in Council under paragraph (iv) of subsection (1) of section 13. the Governor la Governor in Council may revoke the bank's licence if he considers that Council. it is in the public interest so to do.
11. (1) Where a licence is revoked under section 9 or 10-
(2) notice of such revocation shall be published in the Gazeste; of llccacs.
(6) the bank shall, as from the date of such notice, cease to
transact any banking business in the Colony.
Effect of revocation
(2) The provisions of paragraph (b) of subsection (1) shall not prejudice the enforcement by any person of any right or claim against the bank or by the bank of any right or claim against any person.
12. (1) Every bank shall pay an annual licence fee of seven Licence fee. thousand five hundred dollars or such other amount as may from time
to time be specified by the Governor in Council and notified in the Gazetre.
(2) The fee payable under this section shall be paid upon the grant of the licence and thereafter upon the anniversary of the date of the grant thereof.