Central Bank Act, 1997
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Amendment of section 76 of Act of 1989. |
56.—Section 76 of the Act of 1989 is hereby amended by designation of that section as subsection (1) thereof and by the insertion of the following subsection: | |
“(2) A person may apply to the Court for an order, on such conditions as the Court may decide, declaring that, notwithstanding the failure of that person to notify the Bank as required by this Chapter, the acquiring transaction is, and always had been, a valid transaction and that title to any shares or other interest concerned did pass and that all purported exercise of powers is and always had been valid, and if the Court finds that the failure to notify the Bank of the proposed acquiring transaction was due to inadvertence on the part of the person, or if the Court considers that it is otherwise in the interest of justice to do so, it shall grant the order sought.”. |