Trustee Savings Banks Act, 1989
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Power of trustee savings banks to amalgamate. |
47.—(1) Two or more trustee savings banks may amalgamate if— | |
(a) each of them passes a special resolution authorising the amalgamation, and | ||
(b) the Minister and the Central Bank approve under section 48 of a scheme for the amalgamation submitted to them under that section. | ||
(2) An amalgamation under this section shall take effect on such day (in this Part referred to as “the amalgamation day”) as may be specified for that purpose in the scheme aforesaid, being a day not earlier than 4 months after the day or the later of the days on which the approval of the Minister and the Central Bank of the amalgamation were sought. | ||
(3) In this section “special resolution” means a resolution— | ||
(a) passed by not less than three-fifths of those present at a meeting of the trustees of a trustee savings bank of which notice in writing specifying the intention to propose the resolution has been given to the trustees in accordance with the rules of the bank, and | ||
(b) confirmed by a majority of those present at a meeting of the trustees held not less than 14 and not more than 28 days after the meeting referred to in paragraph (a) and of which notice in writing specifying the intention to propose that the resolution be confirmed has been given to the trustees in accordance with the rules of the bank. |