Section 4: Restriction on use of word “bank”

4. Restriction on use of word “bank” (1) Except as otherwise provided for in this Act, no person, other than a bank, shall use the word “bank” or any of its derivatives in any language in the description or title under which that person is carrying on business in Mauritius, or make any such representation in any bill head, letter, paper, notice, advertisement or in any other manner whatsoever. (2) Subject to subsection (3), no person, other than a bank, shall be incorporated or registered under the Companies Act using a name or title, and no person other than a bank shall change its name to a name or title, that includes the word “bank” or any of its derivatives in any language. (3) Nothing in this section shall apply to— (a) any institution established under any other enactment; (aa) a specialised financial institution; [Issue 9] B3 – 10 Revised Laws of Mauritius (b) any body whether incorporated or not, that is formed or registered in any country, other than Mauritius, under a name or title that includes the word “bank” or any of its derivatives which is authorised by the central bank to use such word or its derivatives in connection with the establishment or operation of a bank or representative office in Mauritius; (c) any subsidiary of a licensed bank which is authorised by the central bank to use the word “bank” or any of its derivatives; and (d) an association of banks or bank employees, formed for the protection of their common interest. (4) Notwithstanding subsection (1), the central bank may, on such terms and conditions as it may determine, authorise the holding company of a bank which submits an application for a transfer of its undertaking or is required by the central bank to restructure its business under section 32A, to use the word “bank” or any of its derivatives in any language. [S. 4 amended by s. 3 (b) of Act 27 of 2013 w.e.f. 21 December 2013; s. 4 (b) of Act 9 of 2015 w.e.f. 14 May 2015.]