Section 27

Every financial institution is deemed to be a member institution from the commencement of this Act.

Any financial institution licensed after the commencement of this Act is deemed to be a member institution from the date it was granted a licence under section 4 or 23 of the Banking Order, 2006 (S 45/2006), section 4 or 23 of the Islamic Banking Order, 2008 (S 96/2008) or section 3

of the Finance Companies Act (Chapter 89), as the case may be.