s 12 Mergers involving designated financial holding company with bank subsidiary
12.—(1) A designated financial holding company with bank subsidiary shall not be merged or consolidated with, or be taken over by, any other body corporate or unincorporate without the prior written approval of the Minister. (2) The Minister may approve an application made under subsection (1) if —(a) the Authority is satisfied that —(i) the body corporate or unincorporate is a fit and proper person or body of persons; and (ii) having regard to the likely influence of the body corporate or unincorporate, the activities of the designated financial holding company will be or will continue to be conducted prudently and the provisions of this Act will be or will continue to be complied with in relation to its activities; and (b) the Minister is satisfied that it is in the national interest to do so. (3) The parties to a proposed merger, consolidation or take‑over, in respect of which an application is made under this section, shall furnish such information as the Minister or the Authority may require for the purposes of subsection (2). (4) Without prejudice to the generality of subsection (1), for the purposes of this section, a designated financial holding company shall be deemed to be merged with a body corporate or unincorporate if the designated financial holding company or its shareholders enter into any agreement or arrangement —(a) under which all or substantially all of the activities of the designated financial holding company are to be managed; and (b) under which the shareholders of the designated financial holding company will be accorded rights, as if the designated financial holding company has been merged with such body corporate or unincorporate, as the case may be.