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Refusal to consent to amendment of memorandum and articles of association.
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15.—(1) A supervisory authority may require that any proposed amendment to the memorandum of association or articles of association of an authorised investment business firm shall not be made without the prior consent in writing of the supervisory authority.
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(2) Whenever a supervisory authority refuses to consent to an amendment of or addition to the memorandum of association, or articles of association, or both of an authorised investment business firm, it shall serve notice on the authorised investment business firm concerned stating that it refuses to consent to the amendment or addition and setting out the reasons for the refusal in the notice and the authorised investment business firm may, within 21 days of receipt of such notice, appeal to the Court against the decision.
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