Section 9: The Bank of Ghana shall not issue a licence to an applicant unlessthe Bank of Ghana is satisfied that(a) the feasibility report submitted by the applicant under section 7 is based on sound analysis under reasonable assumptions;(b) the proposed directors and key management personnel of the applicant are fit and proper persons;(c) the significant shareholders are suitable and the ownership structure of the proposed bank or specialised deposit- taking institution will not hinder effective supervision, including supervision on a consolidated basis;(d) the paid-up capital of the applicant is adequate and the original sources of capital are acceptable and do not include borrowed funds;(e) the arrangements for governance, including accounting, risk management, and internal control systems and records of the applicant are adequate;(f) the applicant is not a shell company; and(g) the applicant has complied with this Act, the Regulations, directives, and other legally-binding instruments made under this Act and any conditions that the Bank of Ghana may impose.