PROTECTION OF DEPOSITORS ACT (NORTHERN IRELAND) 1964 - SECT 2 General restriction of advertisements for deposits.

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PROTECTION OF DEPOSITORS ACT (NORTHERN IRELAND) 1964 - SECT 2

General restriction of advertisements for deposits.

2.(1) Subject to subsections (2) to (6), no person shall, after the
commencement of this Act, issue any advertisement inviting the public to
deposit money with him.

(2) This section does not apply to any advertisement with respect to
investments of any description falling within Schedule 1 to the Trustee
Investments Act 1961, nor to any advertisement with respect to deposits of any
description to be made with any banking or discount company ..., or with any
building society, friendly society or industrial and provident society [or
trustee savings bank] [or the Post Office].

(3) This section does not apply to any advertisement with respect to deposits
to be made with a company incorporated in, or having an established place of
business in, Northern Ireland, if the advertisement complies with regulations
made by the Ministry of Commerce (in this Act referred to as "the Ministry")
under section 3(1)(a) and any accounts required by this Act to be delivered by
the company before the issue of the advertisement are duly delivered.

(4) This section does not apply

(a)to an advertisement with respect to deposits of any such class as may be
prescribed by regulations made by the Ministry under section 3(1)(b); or

(b)to any advertisement (not being an advertisement with respect to deposits
to be made with any such company as is mentioned in sub-section (3)) which is
issued with the permission in writing of the Ministry;

(5) Any person who issues an advertisement in contravention of this section
shall, subject to sub-section (6), be guilty of an offence and liable

(a)on conviction on indictment, to imprisonment for a term not exceeding two
years or to a fine, or to both;

(b)on summary conviction, to imprisonment for a term not exceeding three
months or to a fine not exceeding two hundred pounds, or to both.

(6) A person who in the ordinary course of his business issues an
advertisement to the order of another person, being an advertisement the issue
of which by that other person constitutes an offence under this section, shall
not himself be guilty of the offence if he proves that the matters contained
in the advertisement were not (wholly or in part) devised or selected by him
or by any person under his direction or control.

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Northern Irish Legislation

PROTECTION OF DEPOSITORS ACT (NORTHERN IRELAND) 1964 - SECT 2