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

Chapter IV : Shareholding in, and Registration of Controlling Companies in respect of, Banks

40. Absence of wrongful intent
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If a bank or a controlling company or any director, officer, employee or agent of a bank or controlling company in good faith and on the strength of information reasonably obtained acts or fails to act and thereby unknowingly contravenes the provisions of section 38, such act or failure to act shall not constitute an offence.

 

[Section 40 substituted by section 32 of Act No. 26 of 1994]