Section 19: Other restrictions

19. Other restrictions No financial institution shall— (a) be amalgamated with any other bank or other financial institution except in accordance with section 32; (b) cause or permit any person— (i) to hold any significant interest in any class of shares in its stated capital, except with the prior approval of the central bank; or (ii) to acquire, directly or indirectly, any interest in any class of shares in its stated capital in contravention of section 31; (c) make, except with the prior approval of the central bank, any alteration to its constitution or instrument of incorporation; or B3 – 19 [Issue 3] Banking Act (d) with a view to engaging in non-competitive market practices detrimental to consumers of financial services, make an agreement or arrangement with another financial institution with respect to— (i) the rate of interest on a deposit; (ii) the rate of interest or the charges on a loan or other forms of credit; (iii) the amount or kind of any charge for a service provided to a customer; (iv) the amount or kind of credit to a customer; (v) the kind of service to be provided to a customer; or (vi) the classes of persons to whom a loan or other service will be made or provided or from whom a loan or other service will be withheld. PART III – CAPITAL STRUCTURE, RESERVE ACCOUNT AND OTHER FINANCIAL PROVISIONS