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

Part IV : Risk Management and other Operational Matters

Purchase

(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.