79. Transitional licensing provisions

Terms defined in s 2

• bank

  bank

  Defined · s 2

  “bank” means any company which holds a valid bank licence under section 7 or 79;

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• banking business

  banking business

  Defined · s 2

  “banking business” means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, the making of advances to customers, and includes such other business as the Authority may prescribe for the purposes of this Act;

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• licence

  licence

  Defined · s 2

  “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;

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