Legum | Quiz on Overview of Banks, Specialised Deposit-Taking Institutions, Financial Holding Company, and Deposit Taking Microfinance Institution

Quiz on Overview of Banks, Specialised Deposit-Taking Institutions, Financial Holding Company, and Deposit Taking Microfinance Institution

1. A bank is not different from a specialised deposit taking institution.

True

False

2. Per …………………………., a person other than a company holding a banking licence, shall not hold itself out as a bank or use the word “bank” or any of its derivatives in any language

Section 23

Section 7

Section 21

Section 20

3. Which of the following provisions defines a bank?

Section 85 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930)

Section 86 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930)

Section 157 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930)

Section 156 of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930)

4. Under Act 930, an entity qualifies as a bank if it has the following characteristics except

It is a body corporate.

It engages in the deposit-taking business.

It gives loans to customers and accepts deposits.

It has been issued with a banking licence.

5. Which of the following best defines a bank under Act 930?

A company that controls a bank or a specialised deposit-taking institution which is subject to registration requirements under this Act;

A body corporate which engages in the deposit-taking business and is issued with a licence to engage in the deposit-taking business in accordance with this Act.

A body corporate which engages in the deposit-taking business and is issued with a banking licence in accordance with this Act;

A specialised deposit-taking institution engaged primarily in the provision of deposit-taking and credit services targeted at low income clients and the economically active poor;

6. Which of the following cases best define a bank?

United Dominion Trust Ltd v. Kirkwood [1966] 1 All ER 968

N. Joachimson v Swiss Bank Corporation (1921) 3 KB 110

Foley v. Hill (1848) 2 HLC 28

Tournier v National Provincial and Union Bank of England [1924] 1 KB 461

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