Section 6 – BANKING REGULATION (COMPANIES) RULES

6. Deposits

(1)  The deposit specified in sub-section 2 of section 11 of the Act shall be maintained at the principal office of the Reserve Bank.

(2) The value of each security deposited under sub-rule (1) shall be estimated at its market rate, ex-dividend.

(3) Securities shall be duly transferred to the Reserve Bank by the banking company.

(4) Upon receipt of a deposit under sub-rule (1) the principal office of the Reserve Bank shall, as soon as possible, send to the principal office of the banking company a certificate in Form II.

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