Section 97

Where a person enters into an agreement or arrangement to acquire any interest in shares of an approved person, by which, if the agreement or arrangement is carried out, he would hold, together with any interest in shares of the approved person which were then already held by him, an aggregate interest in shares of not less than five per cent of the shares of the approved person, such person shall notify the Bank of such fact upon entering into such agreement or arrangement within the period as may be specified by the Bank.

In addition to subsection (1), no person shall enter into any agreement or arrangement for the purpose of acquiring interest in shares pursuant to subsection (1), if such acquisition will result in a change in the control of an approved person, unless such person obtains the prior written approval of the Bank upon entering into such agreement or arrangement.

The Bank may specify standards on shareholder suitability to give full effect to subsections (1) and (2).

Any person who has notified the Bank under subsection (1) or obtained the approval of the Bank under subsection (2), shall at all times comply with the standards specified by the Bank under subsection (3) to the satisfaction of the Bank.

For the purposes of this section, the Bank may, at any time by notice in writing, require a person who has notified the Bank under

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subsection (1) or obtained the approval of the Bank under subsection (2) to submit any information or particulars of any share acquired or held directly or indirectly either for his own benefit or any other person.

Any person who has been served with a notice under subsection (5) shall submit to the Bank such information and particulars as may be specified by the Bank.