Banks Act, 1990 (Act No. 94 of 1990)Chapter IV : Shareholding in, and Registration of Controlling Companies in respect of, Banks41. Effects of registration of shares contrary to Act |
| (1) | No person shall— |
| (a) | either personally or by proxy granted to any other person, cast a vote attached to; or |
| (b) | receive a dividend payable on, |
any share in a bank or controlling company allotted or issued to such person or registered in the name of such person in contravention of a provision of this Act.
[Section 41(1) substituted by section 28 of Act No. 19 of 2003]
| (2) | The validity of any resolution adopted by a bank or controlling company shall not be affected by a vote being cast in contravention of subsection (1)(a), if that resolution was adopted by the requisite majority of votes which were validly cast. |
| (3) | A dividend referred to in subsection (1)(b) shall accrue to the bank or controlling company concerned. |