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

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

47. Cancellation of registration at request of controlling company
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The Authority shall cancel the registration of a controlling company upon submission to him or her by the controlling company 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 47 substituted by section 32 of Act No. 19 of 2003]