Banks Act, 1990 (Act No. 94 of 1990)Chapter IX : General Provisions85A. Approval of eligible institutions |
| (1) | Notwithstanding anything to the contrary in any law, no bank or controlling company shall, in the calculation of its prescribed minimum amount of required capital and reserve funds, take into account a credit assessment of any external credit assessment institution or export credit agency unless the relevant external credit assessment institution or export credit agency obtained the prior written approval of the Authority to act as an eligible institution. |
| (2) | Any external credit assessment institution or export credit agency that wishes to be authorized by the Authority as an eligible institution may apply to the Authority for authorisation. |
| (3) | An application under subsection (2)— |
| (a) | shall be made in the prescribed manner; |
| (b) | shall be accompanied by such information and comply with such requirements as may be prescribed: Provided that the Authority may impose additional requirements in writing; and |
| (c) | shall be accompanied by such fee as may be prescribed. |
[Section 85A inserted by section 29 of Act No. 20 of 2007]