Financial Sector Regulation Act, 2017 (Act No. 9 of 2017)Chapter 12A : Resolution of Designated InstitutionsPart 2 : Placing designated institutions in resolution166P. Transfer of shares in designated institutions in resolution |
| (1) | A share of a designated institution in resolution may not be traded without the approval of the Reserve Bank. |
| (2) | Subsection (1) does not prevent a transfer of a share— |
| (a) | on the death of the shareholder; |
| (b) | to comply with an order of a court; or |
| (c) | in circumstances specified in a prudential standard. |
| (3) | A purported transfer contrary to subsection (1) is of no effect. |
[Section 166P inserted by section 51 of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022- effective 1 June 2023 per (b)(ii) of Commencement Notice No. 3202, GG48294, dated 24 March 2023]