Section 62: Hours of business

62. Hours of business (1) Subject to this Part, the central bank shall— (a) determine the daily minimum working hours of a financial institution; and (b) inform every financial institution of the hours during which the central bank shall give facilities to it for the purposes of clearing and settlement of payments under the Mauritius Automated Clearing and Settlement System (MACSS) set up by the central bank. (2) Subject to this Part, every financial institution shall inform the central bank of— (a) the hours during which it shall remain open for the transaction of business with the public; and (b) in the case of a bank, the hours during which it shall give facilities to its customers to effect electronic transactions on their accounts for same day value. (3) Where a financial institution proposes to review its hours of business on any day, it shall— (a) forthwith inform the central bank; and (b) give notice to the public at least 24 hours before the day on which the revised business hours are proposed to be observed. [S. 62 amended by s. 2 (f) of Act 15 of 2006 w.e.f. 7 August 2006; s. 2 (p) of Act 18 of 2008 w.e.f. 19 July 2008.] B3 – 45 [Issue 7] Banking Act