Section 7Part 1 — Banks and Trust Companies ActAmendedNot Yet In Force
Shares not to be issued or transferred without approval of Authority
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This section has not been brought into force.
It was enacted by Parliament but awaits a commencement order before it becomes operative law.
Amendment: LG9/S1
Pending changes
Inserted regulation 8 requiring a fee for surrendering registration.
No shares in a company which is a licensee under this Act shall be issued, and no issued shares shall be t ransferred or disposed of in any manner, without the prior approval of the Authority.
The Authority may exempt from the provisions of subsection (1) a licensee whose shares are publicly traded on a stock exchange recognised by the Authority, and any su ch exemption —
shall be subject to a condition that the licensee shall, as soon as reasonably practicable, notify the Authority of —
any change in control of the licensee;
the acquisition by any person or group of persons of shares representing more than ten per cent of the licensee ’ s issued share capital or total voting rights; or
the acquisition by any person or group of persons of shares representing more than ten per cent of the issued share capital or total voting rights o f the licensee ’ s parent company;
shall be subject to a condition that the licensee shall, as soon as reasonably practicable, provide such information to the Authority, and within such period of time, as the Authority may require for the purpose of enabling an assessment as to whether persons acquiring control or ownership of the licensee in the circumstances set out in paragraph (a) are fit and proper persons to have such control or ownership; and
shall be subject to such terms and other conditi ons as the Authority may deem necessary.
In subsection (1) the reference to shares being transferred or disposed of includes not only the transfer or disposal of the legal interest in the shares but also the transfer or disposal of any beneficial inter est in the shares.