Ghana Deposit Protection Act, 2016 (ACT 931)
Section 7: Effect of cessation of membership(1) Where a bank or specialised deposit-taking institution ceases to be a member of the Scheme under section 6, that bank or specialised deposit-taking institution is not relieved from its obligations or liabitities that accrued to the Corporation before the cessation of its membership of the Scheme.(2) Where a bank or specialised deposit-taking institution ceases to be a member of the Scheme under section 6, the Corporation shall revoke the certificate of membership of the Scheme issued to the bank or specialised deposit-taking institution and that bank or specialised deposit-taking institution shall(a) not assume, hold out or in any other way give the impression that the bank or specialised deposit-taking institution is a member of the Scheme; and (b) surrender the membership certificate issued to that bank or specialised deposit-taking institution to the Corporation, and shall in the prescribed manner, notify (i) depositors of that bank or specialised deposit-taking institution; and (ii) the general public of the cessation of its membership.(3) A bank or specialised deposit-taking institution shall, from the date of revocation of the licence and cessation of membership; not accept deposits from the public,(4) A bank or specialised deposit-taking institution that contravenes subsection (2) commits an offence and is liable on summary conviction to a fine of not more than five thousand penalty units. [As substituted by the Ghana Deposit Protection (Amendment) Act, 2018 (Act 968), s. 4]Establishment of the Deposit Protection Fund and Reserve Fund
Subject : Deposit protection schemeProcedure to Follow
Not Avaiable
Responsible Institution
- Email: info@gdpc.gov.gh
- Website: www.gdpc.gov.gh
- GPS: GA-077-9067
- Telephone: 0302 739 656
Relevant Forms to Download
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Online System
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Fees/ charges
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