Incorporation of Banks or Financial Institutions

Sub-Section 1

Any person, wishing to incorporate a bank or financial institution to carry out financial transactions according to this Act shall incorporate it by getting such a bank or financial institution registered as a public limited company in accordance with the prevailing laws: Provided that banks or financial institutions which are in operation at the commencement of this Act do not require to be incorporated pursuant to this sub-Section.



Sub-Section 2

An official authorized in accordance with the prevailing laws in force to register a company pursuant to Sub-Section (1) shall register the company subject to Section 4.