Section 3: Application of Act

3. Application of Act (1) This Act shall be the charter of, and shall apply to, every financial institution licensed under this Act. (2) The Development Bank of Mauritius Ltd shall be deemed to be licensed under this Act and shall, subject to such terms and conditions as the central bank may determine, take into account the developmental nature of its activities, be governed by this Act. (Subsec. (2) not in operation.) (3) Where a bank is also engaged in any of the financial services, other than banking business regulated by the Financial Services Act, the bank shall not carry on business by virtue of its banking licence unless it is also licensed under that Act in respect of those financial services. (Subsec. (3) came into operation on 1 June 2007.) B3 – 9 [Issue 9] Banking Act (4) Every bank licensed under this Act shall be deemed to be licensed to carry on Islamic banking business through a window on such terms and conditions as the central bank may determine. (Subsec. (4) not in operation.) (5) Any bank licensed to conduct Islamic banking business shall be governed by this Act. (Subsec. (5) not in operation.) (6) (a) No non-bank deposit taking institution licensed under this Act shall engage in the business of accepting Islamic deposits without an appropriate licence to that effect issued by the central bank. (b) Any non-bank deposit taking institution licensed to accept Islamic deposits shall be governed by this Act. (7) Any ultimate and intermediate financial holding company, incorporated in Mauritius, which has, within the group, at least one subsidiary or joint venture or such other ownership structure, as the central bank may determine, which is a bank or non-bank deposit taking institution shall comply with such prudential requirements as the central bank may, by guidelines, instructions or directives, specify. (8) In the event of any conflict or inconsistency between any provision of Part XI and any other enactment, other than sections 110A and 110B of the Insurance Act, the provisions of Part XI shall prevail. [S. 3 amended by s. 97 (1) of Act 14 of 2007 w.e.f. 28 September 2007; s. 4 (b) of Act 17 of 2007 w.e.f. 22 August 2007; s. 2 (b) of Act 18 of 2008 w.e.f. 19 July 2008; s. 3 (b) of Act 18 of 2016 w.e.f. 7 September 2016.] PART II – LICENSING OF BANKS AND OTHER FINANCIAL INSTITUTIONS