Central Bank Act, 1989.
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Communication of Bank's approval or refusal to approve. |
85.—(1) Where the Bank approves or approves subject to conditions or refuses to approve a proposed acquiring transaction, it shall communicate the approval and conditions (if any) or the refusal, as the case may be, to the undertakings concerned which had notified the Bank of the proposal under section 82 and, where such a communication is not in writing, the Bank shall confirm in writing the approval or refusal to approve, as the case may be, as soon as possible thereafter. | |
(2) Where the Bank refuses to approve the proposed acquiring transaction, it shall state its reasons in writing and, subject to section 16 , shall send them to the persons concerned as soon as possible thereafter. |