Investment Intermediaries Act, 1995
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Limitation on validity of certain acquiring transactions. |
43.—Subject to section 41 of this Act, an acquiring transaction shall only be valid if it is entered into within— | |
(a) 12 months of a supervisory authority giving its approval in writing to the transaction, or | ||
(b) 12 months of the end of the three month period referred to in section 40 of this Act, | ||
and, accordingly, any purported acquiring transaction which does not comply with either paragraph (a) or (b) of this section shall be invalid and— | ||
(i) titles to any shares or other interest shall not pass, and | ||
(ii) any consequential purported exercise of powers relating to such shares or other interest shall be invalid. |