70 Application for registration

(1)

Any person may apply to the Bank to be registered as a registered bank.

(2)

Applications to be registered as a registered bank shall be—

(a)

made in such manner as may be specified by the Bank; and

(b)

accompanied by payment of such fee as may be determined by the Bank from time to time and approved by the Minister by notice in the Gazette.

(3)

Every person who makes an application under this section shall furnish to the Bank such information as may be required by the Bank to assist it in determining the application.

(4)

A person commits an offence if the person provides false or misleading information to the Bank for the purposes of an application.

(5)

The penalty for an offence against this section is set out in section 156AC.

Compare: 1964 No 134 s 38C(3), (4), (5); 1986 No 131 s 10

Section 70(4): inserted, on 21 August 2003, by section 11 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).

Section 70(5): inserted, on 21 August 2003, by section 11 of the Reserve Bank of New Zealand Amendment Act 2003 (2003 No 46).