Banking and Financial Institutions Act 1989 · s 45

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45. (1) Without prejudice to sections 49 and 50, and subject to section 46, no person shall enter into an agreement or arrangement to acquire or dispose any interest in the shares of a licensed local institution by which, if the agreement or arrangement is carried out, he would—
(a) acquire, together with any interests in the shares of that institution which were then already held by him, or by him and by persons acting in concert with him; or
(b) dispose, together with the interests in shares previously disposed by him to any single person or any persons acting in concert, to such single person or such persons acting in concert,.

an aggregate interest in shares of not less than five per centum of the shares of that institution, without obtaining the prior written approval of the Minister to enter into such agreement or arrangement:

Provided that no such approval shall be granted in respect of any acquisition or disposal which would result in a contravention of section 46.
(2) An application for approval under subsection (1) shall be made by the person intending to acquire or dispose any interest in shares referred to therein and shall be sent to the Bank, whereupon the Bank shall submit such application, together with its recommendation thereon, to the Minister.
(3) No person who has obtained an approval of the Minister under subsection (1) for entering into an agreement or arrangement—
(a) for the acquisition of any interest in shares of a licensed local institution, shall enter into any subsequent agreement or arrangement to acquire any interest in the shares of such licensed local institution; or
(b) for the disposal of any interest in shares of a licensed local institution to a single person or to persons acting in concert, shall enter into any subsequent agreement or arrangement with such single person or with one or more of such persons acting in concert, to dispose to him or to them, any interest in the shares of such licensed local institution, regardless of the per centum of the shares of the institution which such interest in shares represents, without obtaining the prior written approval of the Minister to enter into such subsequent agreement or arrangement, and the provisions of subsection (2) shall apply to an application for approval under this subsection.
(4) this, . . .

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s 45

(1)

Without prejudice to sections 49 and 50, and subject to section 46, no person shall enter into an agreement or arrangement to acquire or dispose any interest in the shares of a licensed local institution by which, if the agreement or arrangement is carried out, he would—

(a)

acquire, together with any interests in the shares of that institution which were then already held by him, or by him and by persons acting in concert with him; or

(b)

dispose, together with the interests in shares previously disposed by him to any single person or any persons acting in concert, to such single person or such persons acting in concert,.

Provided that no such approval shall be granted in respect of any acquisition or disposal which would result in a contravention of section 46.

(2)

An application for approval under subsection (1) shall be made by the person intending to acquire or dispose any interest in shares referred to therein and shall be sent to the Bank, whereupon the Bank shall submit such application, together with its recommendation thereon, to the Minister.

(3)

No person who has obtained an approval of the Minister under subsection (1) for entering into an agreement or arrangement—

(a)

for the acquisition of any interest in shares of a licensed local institution, shall enter into any subsequent agreement or arrangement to acquire any interest in the shares of such licensed local institution; or

(b)

for the disposal of any interest in shares of a licensed local institution to a single person or to persons acting in concert, shall enter into any subsequent agreement or arrangement with such single person or with one or more of such persons acting in concert, to dispose to him or to them, any interest in the shares of such licensed local institution, regardless of the per centum of the shares of the institution which such interest in shares represents, without obtaining the prior written approval of the Minister to enter into such subsequent agreement or arrangement, and the provisions of subsection (2) shall apply to an application for approval under this subsection.

(4)

this, . . .