Section 3:
consolidated text (as at 2016, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
3. (a) Subject to paragraph (b), every person who is a shareholder of the transferor bank on the day immediately before the appointed day—
(i) shall, on the appointed day, be considered to hold in the transferee
bank a number of shares representing his proportionate share of the
net asset value that the transferred undertaking bears to the net
asset value of the transferee bank following the completion of the
transfer; or
(ii) may exercise his right to require the transferor bank to purchase his
shares in accordance with section 32A (5).
(b) Paragraph (a) shall be without prejudice to the right of any shareholder,
other than the Government, to cease to be a shareholder—
(i) of the transferor bank immediately before the appointed day; or
(ii) of the transferee bank on or after the appointed day.
[Third Sch. added by s. 6 of Act 1 of 2013 w.e.f. 18 April 2013; amended by s. 4 (p) of Act 9
of 2015 w.e.f. 14 May 2015.]
FOURTH SCHEDULE
[Section 14D (4A)]
PERSONS