| (1) | Subject to the provisions of subsection (2), the Authority may, after considering all information, documents and reports furnished to him or for the purposes of an application under section 12, grant or refuse the relevant application or grant the application subject to such conditions as he or she may determine. |
[Section 13(1) substituted by section 9(a) of Act No. 19 of 2003]
| (2) | The Authority shall not grant an application made under section 12 unless he or she is satisfied— |
[Words preceding section 13(2)(a) substituted by section 9(b) of Act No. 19 of 2003]
| (a) | that the establishment of the proposed bank will be in the public interest; |
| (b) | that the business the applicant proposes to conduct, is that of a bank; |
| (c) | that the applicant will conduct the proposed business of a bank in the capacity of a public company incorporated and registered under the Companies Act; |
| (d) | that the applicant will be able to establish itself successfully as a bank; |
| (e) | that the applicant will have the financial means to comply, in the capacity of a bank, with the requirements of this Act; |
| (f) | that the business of the proposed bank will be conducted in a prudent manner; |
| (fA) | that every person who is to be a director or an executive officer of the proposed bank is, as far as can reasonably be ascertained, a fit and proper person to hold the office of such director or executive officer; |
[Section 13(2)(fA) inserted by section 6(a) of Act No. 9 of 1993]
| (g) | that every person who is to be an executive officer of the proposed bank has sufficient experience of the management of the kind of business it is intended to conduct; |
[Section 13(2)(g) substituted by section 6 of Act No. 22 of 2013]
| (h) | that the composition of the board of directors of the proposed bank will be appropriate having regard to the nature and scale of the business it is intended to conduct; and |
[Section 13(2)(h) substituted by section 6 of Act No. 22 of 2013]
| (i) | in the case of a foreign institution being the applicant, that the responsible consolidating supervisor of the foreign institution— |
| (i) | has duly authorized the proposed establishment, by the foreign institution, of a bank in the Republic; |
| (ii) | accepts and complies with the proposals, guidelines and pronouncements of the Basel Committee on Banking Supervision; |
| (iii) | is not legally impeded from complying with the provisions of subparagraph (ii); |
| (iv) | accepts its responsibilities as a consolidating supervisor; |
| (v) | as far as may be reasonably possible, ensures that the members of the board and the executive management of the foreign institution at all times consist of it and proper persons; |
| (vi) | is satisfied with the standard of risk management maintained by the foreign institution; and |
| (vii) | keeps the Authority informed of any material information regarding the financial soundness of the foreign institution and its bank in the Republic. |
[Section 13(2)(i) inserted by section 6 of Act No. 22 of 2013]
| (3) | When the Authority grants or refuses an application made under section 12, he or she shall give written notice of that fact to the applicant concerned. |
| (4) | [Section 13(4) deleted by section 6(b) of Act No. 9 of 1993]. |
