Section 27. Advertisements for deposits. (BANKING AND FINANCIAL INSTITUTIONS ACT 1989

ACT 372
BANKING AND FINANCIAL INSTITUTIONS ACT 1989

PART IV - RESTRICTIONS RELATING TO ACCEPTANCE AND SOLICITATION OF, ADVERTISEMENT FOR. AND INDUCEMENT TO MAKE, DEPOSITS

Section 27. Advertisements for deposits.

No person, other than a licensed bank, a licensed finance company, a licensed merchant bank or a licensed discount house, shall issue or publish, or otherwise facilitate any person to issue or publish, an advertisement containing-

(

) an invitation to make a deposit or enter into or offer to enter into any agreement to make a deposit; or

(

) information which is intended or might reasonably be presumed to be intended to lead directly or indirectly to the making of a deposit:

Provided that the above prohibition shall not apply to the publication by any person of any such advertisement for or on behalf of a licensed institution as mentioned above.