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Refusal to consent to amendment of rules, etc.
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12.—(1) Subject to subsection (2) of this section, the Bank may refuse to consent to an amendment of, or addition to, the memorandum of association, articles of association, or both, or to the rules of an approved stock exchange, in all or any of the following circumstances, namely, where it is expedient to do so in the interest of the proper and orderly regulation of that approved stock exchange or its authorised member firms or in order to protect investors.
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(2) Whenever the Bank refuses to consent to an amendment or addition to the memorandum of association, or articles of association, or both, or to the rules of an approved stock exchange, it shall serve notice on the approved stock exchange concerned stating that it refuses to consent to the amendment or addition and setting out the reasons for the refusal in the notice.
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