Banking Act · s 19

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)

19.
Notification of controller etc. by bank
(1) At least once in each year, every bank shall give to the Authority written notice of the name of every person who, to the knowledge of the bank, is, at the date of the notice, a controller of the bank.
(2) In relation to each person named in a notice under subsection (1)
as a controller of a bank, the bank shall state to the best of its knowledge —
(a) whether he is an indirect, 10 per cent, 20 per cent,
33 per cent or majority controller;
(b) what percentage of shares of the bank he holds, either alone or with any associate; and

Banking 30
(c) what percentage of the voting power at a general meeting of the bank he is entitled to exercise, or control the exercise of, either alone or with any associate.
(3) The Authority may at any time by notice in writing require a bank —
(a) to give such a notice as is referred to in subsection (1); or
(b) to obtain from any shareholder of the bank and to transmit to the Authority information —
(i) as to whether that shareholder holds voting shares in the bank as beneficial owner or as trustee; and
(ii) if he holds them as trustee, to indicate as far as it can the person for whom he holds them (either by name or by other particulars sufficient to enable those persons to be identified) and the nature of their interest.
(4) A bank which fails to comply with subsection (1) or (3) is guilty of an offence and liable on conviction to a fine not exceeding $20,000.

Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 19Notification of controller etc. by bank

(1)

At least once in each year, every bank shall give to the Authority written notice of the name of every person who, to the knowledge of the bank, is, at the date of the notice, a controller of the bank.

(2)

In relation to each person named in a notice under subsection (1)

as a controller of a bank, the bank shall state to the best of its knowledge —

(a)

whether he is an indirect, 10 per cent, 20 per cent,

33 per cent or majority controller;

(b)

what percentage of shares of the bank he holds, either alone or with any associate; and

Banking 30

(c)

what percentage of the voting power at a general meeting of the bank he is entitled to exercise, or control the exercise of, either alone or with any associate.

(3)

The Authority may at any time by notice in writing require a bank —

(a)

to give such a notice as is referred to in subsection (1); or

(b)

to obtain from any shareholder of the bank and to transmit to the Authority information —

(i)

as to whether that shareholder holds voting shares in the bank as beneficial owner or as trustee; and

(ii)

if he holds them as trustee, to indicate as far as it can the person for whom he holds them (either by name or by other particulars sufficient to enable those persons to be identified) and the nature of their interest.

(4)

A bank which fails to comply with subsection (1) or (3) is guilty of an offence and liable on conviction to a fine not exceeding $20,000.