Vanuatu Consolidated Subsidiary Legislation
Commencement: 7 May 2003
INTERNATIONAL BANKING (REVOCATION OF LICENCE) REGULATION
Order 16 of 2003
1. Reserve Bank not to revoke a licence
(1) A licensee that has made or makes a request under section 11(1)(d) of the International Banking Act [Cap. 280] must provide satisfactory evidence of all of the following to the Reserve Bank:
(a) the licensee has repaid all deposits of money to depositors;
(b) the licensee has discharged all liabilities to creditors;
(c) the licensee has made arrangements to transfer or transferred all assets held or administered by it on behalf of other persons to those persons or other persons;
(d) the licensee has ceased to carry on all forms of international banking business from Vanuatu.
(2) Until a licensee complies with subclause (1), the Reserve Bank must not decide whether or not to revoke a licence.
(3) This Regulation applies not only to a licensee that makes a request under section 11(1)(d) of the International Banking Act [Cap. 280] on or after the commencement of this Regulation but also applies to a licensee that made a request before this Regulation commenced.