Trustee Savings Banks Act, 1989
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Approval of Minister and Central Bank of amalgamation of trustee savings banks. |
48.—(1) Whenever two or more trustee savings banks (in this Part referred to as “the banks”) propose to amalgamate— | |
(a) they may, not less than 4 months before the amalgamation day, submit to the Minister and the Central Bank for their approval a scheme for the amalgamation, | ||
(b) the Minister and the Central Bank may, not less than 2 months before the amalgamation day, either approve of or decline to approve of the scheme by order, and | ||
(c) if the Minister and the Central Bank approve of the scheme under this section— | ||
(i) the banks shall, not less than one month before the amalgamation day, publish notice of the amalgamation in at least one daily newspaper published in the State, | ||
(ii) the provisions of sections 49 to 54 and 64 shall, if, and to the extent only that, the scheme so provides, have effect in relation to the amalgamation, and | ||
(iii) the Minister and the Central Bank may, at the request of the banks, include in the order approving of the scheme such incidental, consequential and supplemental provisions as the Minister and the Central Bank think appropriate for facilitating and implementing the amalgamation and securing that it shall be fully and effectively carried out, including provisions for substituting the name of the bank formed by the amalgamation of the banks (in this Part referred to as “the amalgamated bank”) for the names of the banks or otherwise adapting references to the banks in any statute or instrument made under statute. | ||
(2) An order under subsection (1) or under this subsection may, with the consent of the banks or the amalgamated bank, as may be appropriate, be amended by the Minister and the Central Bank by order. |