Banking and Financial Institutions Act 1989 · s 48

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 48

(1)

Subject to subsection (2), nothing contained in sections 45, 46 and 47 shall render invalid any acquisition or disposal of any interest in the shares of a licensed institution by any person where the same had been completed, or any holding of any such interest in shares which existed, at any time before the effective date and was lawful and valid immediately before such date.

(2)

An acquisition, holding or disposal of any interest in shares to which subsection (1) applies shall be taken into account in determining the validity under section 45, 46 or 47, as the case may be, of any acquisition or disposal of an interest in the shares of a licensed institution effected after the effective date.