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

Regulations

Regulations relating to Banks

Chapter IV : Application Procedures

55. Application for permission to acquire shares in a bank or controlling company

Application for permission to acquire shares in a bank or controlling company
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(1)An application under section 37(2)(b) of the Act for the permission, in terms of section 37(2)(a) of the Act, of the Registrar or the Minister, as the case may be, for the acquisition of shares in a bank or controlling company, shall be submitted to the Registrar in duplicate, on form BA 007, as prescribed by regulation 53.

 

(2)An application under subregulation (1) shall be accompanied by a written statement containing the information specified below.
(a)Full particulars of the applicant's shareholding in any associate, as defined in section 37(7) of the Act, of the bank or controlling company to which the application relates, specifying the name of each such associate and the percentage that the total nominal value of or exercisable voting right attached to the applicant's shareholding in such associate constitutes of the total nominal value of or exercisable voting right attached to a specified class of share or all the issued shares, as the case may be, of such associate.
(b)Full particulars of the applicant's shareholding in any bank or controlling company other than the bank or controlling company to which the application relates, specifying the name of each such other bank or controlling company and the percentage that the total nominal value of or exercisable voting right attached to the applicant's shareholding in such other bank or controlling company constitutes of the total nominal value of or exercisable voting right attached to a specified class of share or all the issued shares, as the case may be, of such other bank or controlling company.
(c)In the case of the applicant being a company, the names of the company's directors.
(d)Particulars of all other corporate undertakings in which the applicant holds a shareholders' interest of 25 per cent or more.
(e)The reason for the applicant's desire to ac quire the shares in question in the bank or controlling company concerned.