Section 28. Sanction for reconstruction, etc., of company required. (Borrowing Companies Act, 1969

Act 6
Borrowing Companies Act, 1969
PART III - FINANCIAL

Section 28. Sanction for reconstruction, etc., of company required.

Every licensed borrowing company shall inform the Minister through the Central Bank of any proposed -

(a) arrangement for the sale of its shares or its business;

(b) (i) scheme for the reconstruction of the company; or

(ii) scheme for the amalgamation between the company and any other company,

wherein the whole or any part of the undertaking or the property of the company is to be transferred to another company,

and the Minister on the recommendation of the Central Bank may approve or refuse to allow the proposed arrangement or scheme for reconstruction or amalgamation.