Banking and Financial Institutions Act 1989 · s 46

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46. (1) No person shall hold more than the following percentages of interests in shares of a licensed local institution:
(a) in the case of an individual, ten per centum; and
(b) in the case of a person other than an individual, twenty per centum.
(114) $ax<ap+---$
(2) For the purpose of subsection (1) (a), where the person holding interests in shares of a licensed local institution is a corporation in which—
(a) an individual;
(b) that individual's spouse; or
(c) that individual's child, holds, or any two or more of the persons mentioned in paragraphs (a), (b) and (c) hold, severally or jointly, interests in shares of not less than seventy-five per centum of the shares of that corporation, such corporation shall be deemed to be an individual.
(3) For the purposes of this section, in computing the holding of a person the following shall be deemed to be the holding of such person and added on to his own holding:
(a) where a person is an individual, the holding of his or her spouse, child or family corporation;
(b) where a person is a corporation, the holding of its related or associate corporations;

2 of the Co-operatives Societies Act 1948, and of related or associate corporations of such subsidiaries; and
(c) where a person is a co-opereative society, the holding of its subsidiaries as defined in section
(d) the holding of persons acting in concert with such person.
(4) For the purposes of subsection (3) (a), "family corporation" means a corporation in which—
(a) the individual;
(b) that individual's spouse; or
(c) that individual's child, holds, or any two or more of the persons mentioned in paragraphs (a), (b) and (c) hold, severally or jointly, interests in shares of more than fifty per centum of the shares of the corporation.

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s 46

(1)

No person shall hold more than the following percentages of interests in shares of a licensed local institution:

(a)

in the case of an individual, ten per centum; and

(b)

in the case of a person other than an individual, twenty per centum.

(114)

$ax<ap+---$

(2)

For the purpose of subsection (1) (a), where the person holding interests in shares of a licensed local institution is a corporation in which—

(a)

an individual;

(b)

that individual's spouse; or

(c)

that individual's child, holds, or any two or more of the persons mentioned in paragraphs (a), (b) and (c) hold, severally or jointly, interests in shares of not less than seventy-five per centum of the shares of that corporation, such corporation shall be deemed to be an individual.

(3)

For the purposes of this section, in computing the holding of a person the following shall be deemed to be the holding of such person and added on to his own holding:

(a)

where a person is an individual, the holding of his or her spouse, child or family corporation;

(b)

where a person is a corporation, the holding of its related or associate corporations;

2 of the Co-operatives Societies Act 1948, and of related or associate corporations of such subsidiaries; and

(c)

where a person is a co-opereative society, the holding of its subsidiaries as defined in section

(d)

the holding of persons acting in concert with such person.

(4)

For the purposes of subsection (3) (a), "family corporation" means a corporation in which—

(a)

the individual;

(b)

that individual's spouse; or

(c)

that individual's child, holds, or any two or more of the persons mentioned in paragraphs (a), (b) and (c) hold, severally or jointly, interests in shares of more than fifty per centum of the shares of the corporation.