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8 1997



Power of the Bank to Form or Acquire a Company

Power of Bank to form or acquire a company.

23. —(1) Subject to subsection (4), the Bank may promote and take part in the formation or establishment of one or more than one company.

(2) The Bank may acquire, hold and dispose of shares or other interests in one or more than one company and become a member of a company.

(3) The Bank may exercise total or partial control of the composition of the board of directors that controls or manages a company promoted, formed or established by it.

(4) The exercise by the Bank of any power conferred by this section shall be subject to the consent of the Minister, given after consultation with any other Minister of the Government who, in the opinion of the Minister, having regard to the functions of that Minister of the Government, ought to be consulted.

(5) The consent of the Minister shall be required for the drawing up of or amending of the Memorandum and Articles of Association of any company formed or acquired by the Bank.

(6) The functions and powers of any subsidiary of the Bank shall be limited to those conferred on the Bank.

(7) Subsection (6) shall not apply where the Bank becomes a member of, or is a party to the establishment or operation of a payment system.