(1) A person shall not enter into an agreement or arrangement

(a) which will result in a change in the control of a bank or its holding company,

(b) for the sale, disposal or transfer of the whole or a part of the business of a bank,

(c) for the amalgamation or merger of a bank with any other bank or institution,

(d) for the reconstruction of a bank, unless the parties to the agreement or arrangement have submitted an application on the proposed agreement or arrangement and all other relevant information and documents for the approval of the Bank of Ghana.

(2) The Bank of Ghana may in writing require the applicants or any of them or any person who is a director or manager of any of the applicants to provide any additional information or documents.

(3) Upon receiving the application and any other information and documents in accordance with subsection (2), the Bank of Ghana may consider the application and refuse or approve it.

(4) Where the application is approved, it may be made subject to the modifications, variations or conditions that the Bank of Ghana may prescribe.