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

Chapter V : Functioning of Banks and Controlling Companies with reference to Companies Act

57. Alteration of memorandum of association or articles of association in accordance with direction of Authority

[Section 57 heading substituted by section 290, item 15 in Schedule 4, of Act No. 9 of 2017]

 

(1) The Authority may at any time in writing direct a bank to effect such alteration, not contrary to a provision of this Act, to its memorandum of incorporation as the Authority may deem desirable in order to remove anomalies or undesirable divergences in the activities of different banks.

 

(2) An alteration directed by the Authority under subsection (1) shall on or before the day of the first annual general meeting, referred to in section 61(7) of the Companies Act, following upon the date of such direction, be submitted for consideration to the shareholders of the bank concerned.

 

(3) If a bank refuses or fails to alter its memorandum of incorporation in accordance with a direction of the Authority under subsection (1), the Authority may submit a copy of that direction to the Commissioner, who shall thereupon deal with the proposed alteration contained therein in accordance with the Companies Act as if it were contained in a special resolution adopted by the bank concerned and submitted to the Commissioner by that bank in accordance with that Act.

 

[Section 57 substituted by section 27 of Act No. 22 of 2013]

 

 


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