12. Surrender of licence
A licensee which has ceased to carry on the international banking business in respect of which the licence was granted, may apply to the Minister to surrender its licence if it—
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(a) has ceased to carry on international banking business and produces evidence that it has paid all deposits held by it; or
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(b) is being wound up voluntarily and produces evidence that it is solvent and able forthwith to repay all deposits held by it and all its other creditors,
and the Minister may thereupon approve the surrender.