Banking Act 1987 of the Marshall Islands

Requirements for Bank Licenses

The Banking Act 1987 of the Marshall Islands outlines the requirements for obtaining a license to operate banks within the jurisdiction. Specifically, Section 108 details the necessary components of an application for a bank license.

Application Requirements

To be considered for a bank license, applicants must provide the following information:

• Registered Office and Principal Place of Business: The name and address of the registered office and principal place of business.
• Articles of Incorporation and Bylaws: Certified copies of the articles of incorporation and bylaws.
• Shareholder and Director Information:
  • Details about shareholders, including their financial standing.
  • Information about directors, including their banking experience.
• Audited Balance Sheet: A balance sheet audited by an independent qualified auditor.
• Type of Banking Business: Details about the type of banking business to be conducted.

Consultation with Up-to-Date Legislation

Please note that the Banking Act 1987 from the Marshall Islands may have undergone amendments or revisions since its initial enactment. It is always best to consult the most up-to-date version of the legislation for accuracy and compliance purposes.