Section 23 — Act 519

(2)

(a)

Whenever a loan or advance is made by any licensed bank secured in the aggregate by twenty per centum or more of the paid-up capital shares of any other licensed bank incorporated in the Federation, the licensed bank shall report the fact to the Central Bank.

(b)

The reports required to be made under this subsection shall contain the following—

(i)

the names and addresses of the borrowers;

(ii)

the name of the licensed bank issuing the shares by which the loan or advance is secured;

(iii)

the number of shares by which the loan or advance is secured; and

(iv)

the amount of the loan or advance.

(3)

The reports under subsections (1) and (2) shall be in addition to any report which may be required pursuant to the provisions of any other written law.

(4)

For the purposes of this section, the expression "control" in relation to a bank means the possession directly or indirectly of the power to direct or cause the direction of the management and policy of the bank.

(5)

Any licensed bank which fails to comply with the provisions of subsection (1) or (2) shall be guilty of an offence and shall on conviction be liable to a fine not exceeding five thousand dollars.

23A, 23B, 23C, 23D, 23E, 23F and 23G . . . .