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Law library · Sierra Leone · The Banking Act, 2019

Section 98, The Banking Act, 2019

Status not yet checkedThe Banking Act, 2019, Sierra Leone

(1) A parent company, subsidiary, affiliate or associate ofa bank that provides management company services may not alter, refuse or discontinue such services to a bank in receivership, acquirer bank, bridg bank because of its receivership or because the bank has failed to pay services prior to receivership. (2) A lessor of a bank premises, provider of utility services including, without limitation, a company that supplies electricity, natural gas, water or telecommunication services, internet services, may not alter, refuse or discontinue such services to a bank in receivership, acquirer, bridge bank or asset management company of a bank or because the debtor has failed to pay for services prior to its (3) Upon request of a lessor of a bank premises, service provider or a utility provider, a bank in receivership shall place a security deposit in a bank as a condition to the lessor's, service provider or utility company's duty to continue to provide services during the receivership, and any such deposit shall not be required in an amount greater than the cost of services provided to the bank in receivership, acquirer, bridge bank or asset management company during the month immediately prior to the effective date of the

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