Section 3: Incorporation of Bank or Financial Institution

1) Any person who is desirous of incorporating a bank or financial institution to carry on financial transactions according to this Act shall have to incorporate it by getting such bank or financial institution registered as a public limited company in accordance with the prevailing laws.

Provided that the bank or financial institution which has already been incorporated and is in operation during the commencement of this Act is not required to be incorporated pursuant to this sub-section.

2) The official authorised under the laws in force to register a company pursuant to sub-section (1) shall have to register the company subject to Section 4.