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

(a)  for the sale, disposal or transfer of the whole or a part of the business of a bank, specialised deposit-taking institu- tion or financial holding company;

(b) for the amalgamation or merger of a bank, specialised deposit-taking institution or financial holding company with any other bank, specialised deposit-taking institution or financial holding company or any other institution; or

(c) for  the  reconstruction  of  a  bank,  specialised  deposittaking institution or financial holding company 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 shall communicate its decision on an application under subsection (1) within six months from the date of receipt of complete information.