Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2004)17. Declaration as financial instititution |
| (1) | The Minister may, by notice in the Gazette and after consultation with the board and the Council, declare any person as a financial institution. |
| (2) |
| (a) | Any person who has not been declared a financial institution and who wishes to be so declared may apply in writing to the board through the registrar for such declaration. |
| (b) | An application contemplated in paragraph (a) must contain substantiating reasons for such application. |
| (c) | The board must submit any application received by it together with its recommendation and that of the Council to the Minister for final decision. |