Banking Act 1970 · 2020 Revised Edition · Part 8 · Credit Card and Charge Card Businesses
57B. Requirements for grant of licence
Feedback & supportThe Authority may grant a licence subject to such conditions or restrictions as it thinks fit, or refuse to grant a licence.
The Authority may at any time add to, vary or revoke any condition or restriction of a licence.
licence
“licence” means —(a)a bank licence granted or held under section 7 or 79; or(b)a merchant bank licence granted under section 55S or treated as having been granted under section 64 of the Banking (Amendment) Act 2020;
Any licensee who contravenes any condition or restriction imposed by the Authority under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine not exceeding $2,500 for every day or part of a day during which the offence continues after conviction.
licensee
“licensee” means a person who is granted a licence under section 57B;