Section 11Part 1 — Banks and Trust Companies Act
Use of word “bank”, etc.
←→ Navigate · Click subsection badges to collapse · Press ? for help
Except with the approval of the Authority, no person, other than a licensee, shall —
use or continue to use the words “bank”, “trust”, “trust company”, “trust corporation”, “savings” or “savings and loan” or any of their deriv atives, either in English or in any other language, in the description or title under which such person is carrying on business from within the Islands, whether or not such business is carried on in the Islands;
make or continue to make any representat ion in any billhead, letter, letterhead, circular, paper, notice, advertisement or in any other manner whatsoever that such person is carrying on banking business or trust business; or
in any manner whatsoever solicit or receive deposits from the publi c.
Except with the approval of the Authority, no company shall be registered, or continue to be registered, by a name which contains the words “bank”, “trust”, “trust company”, “ trust corporation”, “savings” or “savings and loan” or any of their deriva tives, either in English or in any other language, in the description or title under which such company is carrying on business from within the Islands, whether or not such business is carried on in the Islands.
Before giving its approval under subsection (1) or (2), the Authority may require of any person such references and such information and particulars as may be prescribed.
Whenever the Authority considers it to be in the public interest, the Authority may withdraw any approval given un der subsection (1).
The Authority may refuse to grant a licence to a bank or trust company or, if such bank or trust company is already in possession of a licence, the Authority may revoke such licence if, in the Authority ’ s opinion, such bank or trust company is carrying on or intending to carry on banking or trust business, as the case may be, under a name which —
is identical with that of any company, firm or business house, whether within the Islands or not, or which so nearly resembles that nam e as to be calculated to deceive;
is calculated to suggest, falsely, the patronage of or connection with some person or authority, whether within the Islands or not; or
is calculated to suggest, falsely, that such bank or trust company has a specia l status in relation to or derived from the Government, has the official backing of or acts on behalf of the Government, of any department, branch, agency or organ of Government, or of any officer thereof, or is recognised in the Islands as a national or c entral bank or trust company.
A person who contravenes this section commits an offence and is liable on summary conviction to a fine of ten thousand dollars and to imprisonment for one year and, in the case of a continuing offence, to a fine of one tho usand dollars for each day during which the offence continues.