Approval of authorised deposit-taking institutions
54 Approval of authorised deposit-taking institutions
The Secretary may approve an authorised deposit-taking institution for the purposes of this Part and may revoke any such approval by notice in writing to the authorised deposit-taking institution.
The Secretary is not to approve an authorised deposit-taking institution for the purposes of this Part unless satisfied that the institution is able to discharge the obligations of an authorised deposit-taking institution under this Part.
An authorised deposit-taking institution that is the subject of an approval that is in force for the purposes of Part 7 of the Property and Stock Agents Act 2002 is taken to have been approved by the Secretary for the purposes of this Part.
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