AI Summary of 18. Grant and refusal of applications for registration
The Bank may refuse an application for registration under specific grounds, including non-compliance with section 17(2), failure to address notices under section 17(3), or if the applicant provides false information. Additional grounds include insufficient resources for business operations, inability to meet prescribed requirements, and various conditions affecting the applicant's legal status or ability to operate prudently.
Upon deciding to refuse an application, the Bank must notify the applicant, specifying the grounds for refusal and allowing 21 days for the applicant to make written representations. Following the review of any representations, the Bank will either issue a refusal notice with reasons or grant the application, confirming the registration in the appropriate register.
18. Grant and refusal of applications for registration
(1) The Bank may refuse an application for registration only if -
(a) the application does not comply with the requirements of section 17(2),
(b) the applicant does not comply with a notice given under section 17(3),
(c) the Bank has reasonable grounds to be satisfied that information given to the Bank by the applicant in connection with the application is false or misleading in any material particular,
(d) the applicant has failed to satisfy the Bank that it has in place the resources, procedures and arrangements for the carrying on of the business of an ATM deployer or CIT provider, as the case may be, and the performance of activities relating to that business, taking into account the nature, scale and complexity of its business and the obligations imposed on an ATM deployer or CIT provider, as the case may be, by or under this Act,
(e) the applicant has failed to satisfy the Bank that the applicant would, if registered, comply with the following: