Section 13
of International Banking Order, 2000
Section 13
(1)
if a licensee ceases to carry on the business in respect of which its licence was granted, the licensee may apply to the Authority to surrender its licence.
(2)
On an application under subsection (1), the Authority may approve the surrender of the licence if –
(a)
it is satisfied, on evidence produced by the licensee or otherwise, that the licensee has repaid, assigned or otherwise disposed of (as may be appropriate) all deposits or other funds which it held or administered and has likewise appropriately diversified itself of any other property held other than in its own right; or
Incorporating amendments until S 1/2016
(Cleancopy) NANI/Bb_as of 08.05.2019
NOTE: Amendment on P1S1 and P45S2 [24.04.2019]; P3S1, P1S2, P10S2, P11S2, P16S2-P18S2P28S2, P31S2, P34S2, P35S2, P39S2,
17
BLUV as at 14th January 2016
(b)
the licensee is being wound up voluntarily and the Authority is satisfied, on evidence produced by the licensee or otherwise, that the licensee is solvent and is able on demand to repay all deposits held by it and all its other creditors.
(3)
If an application is made under subsection (1) in a case where the licensee is being wound up voluntarily, the Authority may stay that application and request the Attorney
General to apply to the High Court for an order that the licensee be wound up in accordance with the Insolvency Order, 2016, either by the Court or subject to the supervision of the Court
(and in this subsection “the Court” has the same meaning as in that Order).
(4)
In the case of a licensee which is an international business company, the reference in subsection (3) to the Insolvency Order, 2016 is a reference to that Order as it applies to such a company by virtue of the International Business Companies Order, 2000.