Banking Act 1970 · 2020 Revised Edition · Part 9 · Miscellaneous
63. Redemption of securities held by bank or merchant bank under liquidation
Feedback & supportLast amended by an amending law of 2020. 2 amendments in all.
As soon as practicable after the making of an order for the winding up of a bank, the liquidator of the bank must —
bank
“bank” means any company which holds a valid bank licence under section 7 or 79;
publish in the Gazette a notice requiring every debtor of the bank to redeem any property the debtor has deposited with the bank as security for any loan that the debtor has obtained from the bank; and
send by registered post the notice to every debtor whose security is held by the bank and whose name is mentioned in the statement of affairs made out under section 141 of the Insolvency, Restructuring and Dissolution Act 2018.
The notice must specify the latest date up to which any security may be redeemed, which date must not be less than 3 months from the date of the notice.
This section applies to or in relation to a merchant bank as it applies to or in relation to a bank.
merchant bank
“merchant bank” means any company —(a)that holds a valid merchant bank licence granted under section 55S; or(b)that is treated as having been granted a merchant bank licence in accordance with section 64 of the Banking (Amendment) Act 2020;