(1) In considering an application for a licence the Central Bank shall conduct any investigation it may consider necessary to ascertain that the criteria for approval of a licence are met.
(2) A licence shall not be granted by the Central Bank, unless it is satisfied —
(a) as to the validity of the documents submitted in accordance with section 7;
(b) that the business plan and financial projections are based on sound analysis under reasonable assumptions and the business plan is feasible;
© as to the financial condition and history of the applicant;
(d) as to the character of the business of the applicant;
© that the proposed directors and officers are fit and proper in accordance with the criteria under section 97;
(f) as to the adequacy of the capital structure and compliance with the minimum capital requirement of section 44;
(g) as to the earning prospects of the applicant;
(h) as to the convenience and needs of the community to be served by the granting of the licence;
(i) as to the suitability of the significant shareholders;
(j) as to the transparency of the ownership structure;
(k) as to the acceptable sources of initial capital;
(l) as to the adequacy of the applicant's arrangements for governance, including but not limited to accounting, risk management, and internal control systems and records; and
(m) that the proposed legal and managerial structures will not hinder effective supervision, including supervision on a consolidated basis.
(3) A licence shall not be granted by the Central Bank for a subsidiary or branch of a foreign financial institution unless the Central Bank is satisfied that in addition to the satisfaction of the requirements in subsection (2), the following requirements are satisfied —
(a) the foreign financial institution is subject to supervision and regulation that is satisfactory to the Central Bank, including supervision on a consolidated basis within its home country; and
(b) arrangements satisfactory to the Central Bank for cooperation, coordination, and information-sharing with the home country supervisor are in place.
(4) Within 6 months of its receipt of a completed application for a licence, the Central Bank shall either —
(a) grant the licence and may place any restrictions as the Central Bank considers to be prudent in respect of the licence; or
(b) refuse to grant the licence, if the Central Bank is of the opinion that it would be undesirable in the public interest to grant the licence or the criteria for approving a license are not met.
(5) Upon payment of the initial licence fee specified in Schedule 1, a licence granted by the Central Bank under this section is valid until revoked.
(6) A licence granted under this section is not transferable or assignable.