Cap. 16 Art. 971AMinor over sixteen (16) years may open and operate an account with a credit institution or a financial institution.

(1) Notwithstanding any provision of this Code, a minor who has attained the age of sixteen (16) years may deposit money in an account opened by the said minor in his own name with any credit institution or place funds in an account opened by the minor in his own name with any financial institution, and any money and, or funds so deposited or placed in any such accounts may only be withdrawn by the said minor notwithstanding that such money and, or funds may be subject to the administration, usufruct or authority of any other person. For all purposes of law, the said minor shall, with regard to the opening and operation of any such accounts, be considered a major:

Provided that any such funds placed in an account opened by the minor in his own name with any financial institution shall be safeguarded by the financial institution in accordance with article 10B of the Financial Institutions Act and the provisions of the Financial

Institutions Act (Safeguarding of Funds) Regulations.

(2) For the purposes of this article:

"credit institution" shall have the same meaning as assigned to it in article 2(1) of the Banking Act;

"EEA State" means a State which is a contracting party to the agreement on the European Economic Area signed at Oporto on the 2nd May, 1992 as amended by the Protocol signed at Brussels on the 17th March, 1993 and as amended by any subsequent acts;

"Electronic Money Directive" means Directive 2009/11/ EC of the European Parliament and of the Council of 16 September 2009 on the taking up, pursuit and prudential supervision of the business of electronic money institutions amending Directives 2005/60/EC and 2006/48/EC and repealing Directive 2000/46/EC, as amended from time to time;

"financial institution" means a payment institution as defined in regulation 2(2) of the Financial Institutions Act

(Safeguarding of Funds) Regulations or an electronic money institution as defined in the said regulations, which is licensed in accordance with the Financial Institutions Act, or which otherwise holds an equivalent authorisation in another Member State of the European Union or EEA State in accordance with the Payment Services Directive or the Electronic Money Directive, as the case may be;

"funds" shall have the same meaning as that assigned to it in article 2(1) of the Financial Institutions Act;

"Payment Services Directive" means Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market, amending Directives 2002/65/EC, 2009/110/EC and 2013/36/ EU and Regulation (EU) No. 1093/2010, and repealing Directive 2007/64/EC, as amended from time to time.