Central Bank Act, 1989.

Requirement on Bank before refusal to approve acquiring transaction.

78.—(1) Subject to subsection (2), the Bank shall not refuse its approval to a proposed acquiring transaction unless it is satisfied that the transaction would not be in the interests of the orderly and proper regulation of banking.

(2) In the case of a proposed acquiring transaction to which section 77 relates, the Bank shall refuse its approval—

(a) where the proposal of the Bank is to refuse to give its approval and the Minister consents to that proposal, or

(b) where the proposal of the Bank is to give its approval and the Minister refuses to consent to that proposal.