Land and Agricultural Development Bank Act, 2002 (Act No. 15 of 2002)

Part IV : Risk Management and other Operational Matters

36. Subsidiaries
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(1)The Bank may, subject to the Public Finance Management Act, 1999, and with the written approval of the Board, form a wholly owned subsidiary if necessary for its effective operation and the carrying out of its objectives.

 

(2)The majority of the directors of a subsidiary company established by the Bank must be members of the Board.

 

(3)The memorandum and articles of association of a subsidiary established by the Bank must be approved by the Board prior to its adoption and registration by the Registrar of Companies.