Central Bank Act, 1989.
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Limitation on validity of acquiring transactions. |
76.—An acquiring transaction shall only be valid where it is entered into within 12 months after— | |
(a) the Bank has given its approval in writing to the transaction, or | ||
(b) the relevant period within the meaning of section 83 has elapsed without the Bank refusing its approval to the transaction, | ||
and, accordingly, any purported acquiring transaction which does not comply with either paragraph (a) or (b) shall be invalid and— | ||
(i) title to any shares or other interest concerned shall not pass, and | ||
(ii) any consequential purported exercise of powers shall be void. |