No.12 BANKING A\<IFNDMENT 8 New Part inserted in Cap. 24:20 The principal Act is amended by the insertion after Part III of the following Part"PART IliA SHAREHOLDING AND CONTROL OF BANKING INSTITUTIONS 15A Limitation on share holding in banking institutions and controlling companies (1) Subject to this Act, without the permission of the Registrar given in terms of subsection (2)(a) no individual shall hold shares in a banking institution or a controlling company if the shares exceed twenty-five per centum of the total nominal value or the total voting rights of all the issued shares of the banking institution or controlling company; (b) no body corporate, other than(i) a financial institution; or (ii) a registered controlling company; or (iii) a body corporate approved in terms of section 15F(l) (b); shall hold shares in a banking institution or a controlling company if the shares exceed twenty-five per centum of the total nominal value or the total voting rights of all the issued shares of the banking institution or controlling company. (2) Upon written application to that effect having been made by the shareholder concerned, the Registrar may, by written notice to the shareholder and the banking institution or controlling company concerned, give permission for the shareholder to hold more shares in a banking institution or controlling company, if the Registrar is satisfied that(a) the shareholding will not be contrary to(i) the public interest; or (ii) the interests of the banking institution concerned or its depositors or of the controlling company concerned, as the case may be; and (b) where the shareholder is(i) an individual, he or she is a fit and proper person to hold shares in a banking institution or controlling company, as the case may be; (ii) a body corporate, the persons who control the body corporate are fit and proper persons to control a shareholder in a banking institution or a controlling company, as the case may be. (3) If the result of giving permission in terms of subsection (2) would be to transfer control of the banking institution or controlling company concerned, the Registrar, through the Governor, shall consult the Minister before giving such permission. (4) If, on application being made, the Registrar refuses to give permission in terms of subsection (2), the Registrar shall, within ten days 212 2015