Section 6

Where the Minister is satisfied that a licensed bank has become owned or controlled by a foreign government, the Minister may continue to allow the bank to hold its licence for such temporary period or periods and subject to such condition or conditions as the Minister may determine for the purposes of winding up its business in the Federation or of enabling the foreign government to divest itself of the ownership or control of the bank.

For the purposes of this section, a bank shall be deemed to be owned or controlled by a foreign government if fifty per centum or more of its capital issued and paid-up

BANKING is owned by or on behalf of the government of any country other than the Federation or of an agency of such government, or if a majority of the persons having the direction, control or management of the bank are appointed by or on behalf of such government or agency.