5. Membership of Scheme
Feedback & supportEvery full bank or finance company which is not exempted under section 6 shall be a Scheme member so long as it holds a valid licence under the Banking Act (Cap. 19) or Finance Companies Act (Cap. 108), as the case may be.
full bank
“full bank” means any bank holding a licence granted by the Authority under the Banking Act which permits the bank to carry on the full range of banking business;
A full bank or finance company, which holds a valid licence under the Banking Act or Finance Companies Act, as the case may be, immediately before 18th October 2005, shall be deemed to be a Scheme member from 18th October 2005.
finance company
“finance company” has the same meaning as in section 2 of the Finance Companies Act;
A full bank or finance company, which is granted a licence under the Banking Act or Finance Companies Act, as the case may be, on or after 18th October 2005, shall be a Scheme member from the date on which its licence is granted.