Section 20Part 1 — Banks and Trust Companies Act
Surrender of licence
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A licensee which has ceased to carry on the business in respect of which the licence was granted may app ly to the Authority to surrender its licence if it —
has ceased to carry on such business, and produces evidence that it has repaid all deposits held by it and has transferred all trust assets held or administered by it , or
is being wound up volunt arily and produces evidence that it is solvent and able forthwith to repay all deposits held by it and all its other creditors and has transferred all trust assets held or administered by it, and the Authority may thereupon approve the surrender.
In the case of an application under paragraph (b) of subsection (1) the Authority may apply to the Court for the licensee to be wound up either by that Court or subject to its supervision, and on the making of such an order the provisions of the Companies Act (2025 Revision) relating to the winding up of a company by or subject to the supervision of that Court shall, mutatis mutandis , apply.