(1) Any licence granted under this Act shall authorise the licensed financial institution to carry on banking business in the Currency Union at the place of business designated in the licence and at such other place as the Central Bank may in writing authorise.
(2) A licensed financial institution shall not open a new place of business or change the location of an existing place of business in the Currency Union without the prior approval of the Central Bank.
(3) No licensed financial institution shall close an existing place of business in the Currency Union without having given ninety days prior notification to the Central Bank.
(4) No local licensed financial institution shall open a place of business elsewhere than in the Currency Union without the prior approval of the Central Bank.
(5) No local licensed financial institution shall close a place of business outside of the Currency Union without having given twenty-one days prior notification to the Central Bank.
(6) The Central Bank, may direct the closing of a branch or subsidiary of a licensed financial institution operating outside of the Currency Union or impose limitations on the activities of the licensed financial institution or subsidiary if the Central Bank determines that the supervision by the host country supervisor is not adequate compared to the risks that the branch presents to the viability or soundness of the local licensed financial institution.
(7) No licensed financial institution may establish or change the location of an electronic banking system in a place other than a place of business approved under subsection (2), without having given 30 days prior notification to the Central Bank.
(8) Where a licensed financial institution operating under a valid licence has, at the commencement of this Act, established an electronic banking system in a place other than a place of business the licensed financial institution shall notify the Central Bank of the location of all the electronic banking systems within 60 days of the date of the commencement of this Act.
(9) Where a licensed financial institution —
(a) opens a new place of business or changes the location of an existing place of business in the Currency Union without the prior approval of the Central Bank under subsection (2);
(b) closes an existing place of business in the Currency Union without giving notice under subsection (3);
© establishes or changes the location of an electronic banking system without giving notice under subsection (7), it is liable to a penalty of $250,000.
(10) Where a local licensed financial institution —
(a) opens a place of business elsewhere than in the Currency Union without the prior approval of the Central Bank under subsection (4);
(b) closes a place of business outside of the Currency Union without giving notice under subsection (5),
it is liable to a penalty of $250,000.