Section 7, The Banking Act, 2019

(1) A person who wishes to engage in the business ofbanking or otherwise solicit deposits from the public in Sierra Leone shall apply to the Central bank to be licensed for that purpose. (2) An application for a licence under subsection (1), shall be made in writing to the Central Bank and shall be in the form that the Central Bank may prescribe and shall be accompanied by- (a) evidence of payment of the prescribed nonrefundable application fee; (b) a certified true copy of the applicant's - Application. Companies Act, 2009. Conflict or inconsistency. Objective and functions of the Central Eligibility to apply for a licence. Application for licence. (i) certificate of incorporation in the case of companies incorporated under the laws of Sierra Leone or certificate of registration in the case of companies registered under the laws of Sierra Leone as a subsidiary of a foreign bank; (ii) Memorandum and Articles of Association; and (ii) any other relevant document required by the Central Bank; (c) the names, address, occupation of persons who would hold significant shares, directly or indirectly, in the proposed bank and the respective values of such shares, as well as those of their corporate affiliates; (d) a complete organisational structure of the group including all direct and indirect affiliates and associates of the applicant and the nature of their relationship to the group where the applicant is or will be a member of a corporate group; (e) particulars of the directors or persons concerned with the management of the proposed bank, including their background, certified financial position, business interests and performance of the business u n d e r their control or management; (f) feasibility reports including business plan and financial projections for the first 5 years, audited financial statements and a n n u a l reports for the past 2 years; (g) the authorised capital, including the amounts that have been paid up; (h) a list of proposed significant shareholders stating their names, addresses and respective shares; (i) an affidavit disclosing the name, nationality, place of residence, business and professional history for the past 10 years, and audited financial statements for the past 3 years if applicable for each person who would be a director, executive officer or significant shareholder of the proposed bank; (j) evidence of any conviction by a court of law for offenses punishable by imprisonment or involving fraud or dishonesty; (k) any personal bankruptcy filings, suspension of payments to or compounding with creditors; (l) evidence of any disqualifications or suspensions by a competent authority from practicing a profession; (m) evidence of any past or present involvement in a managerial function of a body corporate or other undertaking that is or has been subject to insolvency proceedings; (n) evidence of any removal from the position of director or executive officer at any bank or other financial company ordered by a competent authority; 18 19 (o) the written approval of a relevant Central Bank in a foreign country or territory confirming that it exercises global consolidated supervision over the bank in the case of an applicant whose principal place of business is in another country; and (p) such other particulars as the Central Bank may require. (3) An application may be withdrawn by notice in writing by the applicant at any time before its approval. (4) An applicant shall provide the Central Bank with particulars of any changes in the information provided to Central Bank under this Section as soon as the applicant becomes aware of such change. (5) In determining an application under subsection (1), the Central Bank shall take into account, amongst other things, the following - (a) whether the significant and controlling shareholders, beneficial owners, directors and key management personnel or proposed directors and proposed key management personnel of the applicant are fit and proper persons; (b) the extent to which the legal, operational, managerial and ownership structure of an applicant and its financial group could hinder effective supervision; (c) whether the applicant meets the prescribed minimum paid-up capital; (d) the sources and legitimacy of the applicant's minimum capital; (e) the financial position and financial history of the applicant; and (f) whether the interest of potential depositors will be detrimentally affected by the manner of the applicant's corporate governance arrangements including accounting, risk management, internal control systems and records. (6) A person who transacts banking business without a valid licence under this Act commits an offence and is liable on conviction to imprisonment for a term not exceeding 10 years or to a fine which is equivalent to twice the amount of deposits collected in contravention of this Act or to both. (7) The Central Bank may instruct a person who contravenes subsection (1) to immediately terminate any deposittaking activities and repay the funds so raised. (8) Where the Central Bank has reasonable grounds to believe that a person has contravened subsection (1), it may, under a warrant issued by a Magistrate, enter any premises and examine the books, accounts and records of that person and take copies of or extracts from any documents or records examined. (9) A person who intentionally obstructs the Central Bank in the exercise of the powers conferred by subsection (7) or (8) commits an offence and is liable on conviction to a fine.