BANKS AND OTHER FINANCIAL INSTITUTIONS ACT, 2020
Section 4: Investment and Release of Prescribed Minimum Share Capital.
(1) The Bank may invest any sum deposited with it pursuant to section 3 (2) of this Act in treasury bills or such other securities or where the sum is deposited in pursuance of an application for a non-interest bank in non-interest bearing securities or similar non-interest banking compliant product or investment, until such a time as the Governor shall decide whether or not to grant a licence.
(2) Where the sum deposited is invested in pursuance of subsection (1) and a licence is not granted, the Bank shall repay the sum deposited to the-
(a) applicant together with the investment income after deducting administrative expenses and tax on the income; or
(b) licenced institution together with the investment income and the investment income shall be treated as income of the licenced institution.
Cite this section
Section 4, BANKS AND OTHER FINANCIAL INSTITUTIONS ACT, 2020 (2020).
https://repo.podus.ai/laws/banks-and-other-financial-institutions-act-2020/section/4/