Section 3, The Banking Act, 1964

() No person or company shallcarry on banking businessin Sierra Leone unless he is in possession of a valid licence issued in writing by the Minister on the recommendation of the Central Bank: Provided that any person or company already carrying on banking business in Sierra Leone at the commencement of this Act may continue to do so and will, on making application under section 3 within one month after the commencement of this Act, be granted a licence by the Minister: Provided further that the Minister need not grant such licence if it appears to him not to be in the public interest to do so and in any such case no other reason need be given for such refusa but the decision shall be communicated to the company or persou concerned within one month of the date on which their application is received. must be repaid on demand; (2) Any person or company who contravenes the provisionstenhsection (1) shall be guilty of an offence and shall be liable on Rntiction to afine of not less than one hundred pounds for each day during which the offence continues.