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Performance of functions and provision of services of trustee savings bank by subsidiaries and other companies.
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39.—(1) Such functions of or services to be performed or provided by a trustee savings bank as it may, with the consent of the Minister and the Central Bank, determine may be performed or provided by a subsidiary of the bank or a company (referred to subsequently in this section as “a joint company”) in relation to which the bank and one or more other trustee savings banks would, if they were amalgamated, be the holding company and, accordingly, a trustee savings bank, or 2 or more trustee savings banks acting jointly, may, with the consent of the Minister and the Central Bank, for the purpose of such performance or provision, acquire or form and register one or more subsidiaries or, as may be appropriate, joint companies and the other provisions of this Act shall apply in relation to a subsidiary and a joint company of a trustee savings bank as they apply in relation to the bank with any necessary modifications.
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(2) A trustee savings bank may, with the consent of the Minister and the Central Bank, dispose of shares in the business or part thereof, or an interest in the business or part of the business, of a subsidiary or joint company of the bank or acquire shares in, or the business or part of the business of, a company.
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