AI Summary of 19. Bank may impose conditions on CIT provider when granting application for registration
The Bank, in its discretion, may impose certain conditions on holders applying for registration as a Cash-In-Transit (CIT) provider under section 18. These conditions aim to ensure proper regulation and oversight, which may include the requirement for the holder to inform the Bank of any significant business changes, potential impacts on customer servicing, or intentions to cease operations within any part of the State. Additionally, the holder may be required to communicate such changes to its customers and to establish specific policies concerning operational resilience and business continuity.
Conditions imposed by the Bank will be documented in the registration or in associated documents. Notifications regarding these decisions will include the reasons for imposition, following which the holder must comply with all set requirements. Furthermore, the Bank's decision to impose these conditions is subject to appeal under Part VIIA of the Act of 1942.
19. Bank may impose conditions on CIT provider when granting application for registration
(1) In granting an application for registration as a CIT provider under section 18, the Bank may decide to impose on the holder concerned one or more of the following conditions, as the Bank considers appropriate, relating to the proper and orderly regulation and oversight of CIT providers for the purposes of this Act:
(a) that the holder notify the Bank, in such form and manner and to the extent that the Bank considers necessary and proportionate for the purposes of the performance of the Bank's functions under this Act, and including such information as the Bank may specify in such conditions, of any proposed business changes or developments, or potential business changes or developments of which the holder becomes aware, that may impact materially the ability of the holder to service the needs of any or all of its customers, including any plans to cease any or all of its activities in the State or any part of it;