Approval of authorised deposit-taking institutions
54 Approval of authorised deposit-taking institutions
(1) The Secretary may approve an authorised deposit-taking institution for the
purposes of this Part and may revoke any such approval by notice in writing to
the authorised deposit-taking institution.
(2) The Secretary is not to
approve an authorised deposit-taking institution for the purposes of this Part
unless satisfied that the institution is able to discharge the obligations of
an authorised deposit-taking institution under this Part.
(3) An authorised
deposit-taking institution that is the subject of an approval that is in force
for the purposes of Part 7 of the Property and Stock Agents Act 2002is taken
to have been approved by the Secretary for the purposes of this Part.
