Limits on acquisition of shares or ownership interest

(1) A local bank shall not acquire or hold any share f or ownership interest of any body corporate or other entity in excess of a total value that exceeds twenty-five per centum of the sum of its fully paid-up capital and reserves, except such shares or ownership interests as such bank may acquire in the course of the satisfaction of debts due to it, which shares or ownership interests shall, however, be disposed of at the earliest suitable moment. (2) A local bank shall not acquire or hold any share or ownership interest of any body corporate or other entity if the aggregate value of all shares and ownership interests in all bodies corporate and other entities held by such local bank exceeds, or the acquisition would cause that aggregate value to 113 exceed one hundred per centum of the sum of its fully paid-up capital and reserves. (3) A licensee that is a bank to which sub-sections (1) and (2) are applicable and which, prior to the date of coming into force of that sub-section entered into any transaction which does not comply with the said sub-sections shall, within three months after the said date, submit a statement thereof to the Central Bank and shall liquidate all such transactions within such reasonable time as shall be determined by the Central Bank. (4) Any licensee who contravenes any of the provisions of this section shall, on being called upon in writing by the Central Bank, pay a fine not exceeding fifty thousand dollars for each day of such failure to comply.