5Retrospective approval of savings banks and trading banks

5 Retrospective approval of savings banks and trading banks

A determination by the Secretary for the purposes of the definition of savings bank or trading bank in subsection 4(1) that a bank is a savings bank or a trading bank for the purposes of this Act may be expressed to have taken effect from a date before the date on which the determination is published in the Gazette (including a date before the commencement of this Act) and, where a determination is so expressed to have taken effect from a date before the date on which the determination is published in the Gazette, the bank to which the determination relates shall be deemed for the purposes of this Act to have been a savings bank or a trading bank, as the case may be, on and from the date from which the determination is so expressed to have taken effect.