Banks Act, 1990 (Act No. 94 of 1990)

Chapter III : Authorisation to Establish, and Registration and Cancellation of Registration of, Banks

27. Cancellation of registration at request of bank
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The Authority shall cancel the registration of a bank upon submission to him or her by the institution concerned of a special resolution approved by the shareholders holding no less than 75 per cent of the voting rights entitled to vote on the decision authorising such cancellation.

 

[Section 27 substituted by section 14 of Act No. 22 of 2013]