Co-operative Banks Act, 2007 (Act No. 40 of 2007)Chapter V : Amalgamation, Division, Conversion, Transfer, Judicial Management and Winding-Up of Co-Operative Banks29. Amalgamation or division of or transfer by co-operative bank |
| (1) | Before an amalgamation, division or transfer of assets, rights, liabilities and obligations by a co-operative bank, such co-operative bank must apply to the Authority for the approval of the amalgamation, division or transfer. |
| (2) | Chapter 8 of the Co-operatives Act applies with regard to the amalgamation, division or transfer, by a co-operative bank, referred to in subsection (1). |
| (3) | If an amalgamation, division of or transfer by a co-operative bank will result in more than 25% of the assets, rights, liabilities or obligations of a co-operative bank being transferred to another co-operative bank, the Authority may not approve that amalgamation, division of or transfer or issue a certificate of registration in respect thereof without the written consent of the Minister to that amalgamation, division or transfer. |