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(1) A non-bank financial institution shall submit to the Bank for approval, any proposal or agreement which it intends to enter into with another party for the sale or disposal by amalgamation or otherwise of its business, or a part of its business.

(2) Subject to prior written approval of the Bank

(a) a non-bank financial institution may, other than in the ordinary course of its business, sell the whole or part of its assets in the country to another licensed non-bank financial institution;

(b) except in the case of a credit union, one or more non-bank financial institutions may merge or consolidate with each other or with other licensed financial institutions, as the case may be; and

(c) a licensed non-bank financial institution may sell or transfer the whole or part of its shares to an individual or body corporate.

(3) A transfer of assets or a merger or consolidation shall, in the case of a Credit Union, be in accordance with section 14 of the Cooperative Societies Act, 1968 (NLCD 252) and is subject to approval by the Bank.

(4) A non-bank financial institution which breaches a provision of this section shall pay to the Bank a penalty of one thousand penalty units or a lesser amount that the Bank may determine in the case of a Credit Union; and the transfer shall be void.