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Banking Act 1987

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This is the original version (as it was originally enacted).

9Grant and refusal of authorisation

(1)The Bank may, on an application duly made in accordance with section 8 above and after being provided with all such information, documents and reports as it may require under that section, grant or refuse the application.

(2)The Bank shall not grant an application unless satisfied that the criteria specified in Schedule 3 to this Act are fulfilled with respect to the applicant.

(3)In the case of an application by an applicant whose principal place of business is in a country or territory outside the United Kingdom the Bank may regard itself as satisfied that the criteria specified in paragraphs 1, 4 and 5 of that Schedule are fulfilled if—

(a)the relevant supervisory authority in that country or territory informs the Bank that it is satisfied with respect to the prudent management and overall financial soundness of the applicant; and

(b)the Bank is satisfied as to the nature and scope of the supervision exercised by that authority.

(4)In determining whether to grant or refuse an application the Bank may take into account any matters relating—

(a)to any person who is or will be employed by or associated with the applicant for the purposes of the applicant's deposit-taking business; and

(b)if the applicant is a body corporate, to any other body corporate in the same group or to any director or controller of any such other body.

(5)No authorisation shall be granted to a partnership or unincorporated association if the whole of the assets available to it are owned by a single individual.

(6)An authorisation granted to a partnership shall be granted in the partnership name and, without prejudice to sections 11 and 12 below, shall not be affected by any change in the partners.

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