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

Chapter V : Functioning of Banks and Controlling Companies with reference to Companies Act

No reconstruction of companies within a group—

(a)	in respect of which annual financial statements are required to be made out in terms of section 30 of the Companies Act; and

[Paragraph (a) substituted by section 25 of Act No. 22 of 2013]

(b)	of which a bank or a controlling company or a subsidiary of a bank is a member,

shall be effected without the prior written approval of the Authority.