ACT No. XXVI or 1990 AN ACTIO u~ruJ the BUllkillg Act, Cup. 215.

(I..S.)

CENSU T "aONE

27th July , 1990

ACT No. XXVI or 1990

AN ACTIO u~ruJ the BUllkillg Act, Cup. 215.

BE IT ENACTE D by the President, by and with the advice and

con5Cnt of the House of Representatives. in th is present Parliament

assembled, a nd by the authority of the same, as folloW1:-

I. This Act may be cited as the Banking (Amendment) Act 1990.

and shall be read and construed as one ",ilh the Banking Act , cap. lt S.

herei nafter referred to as -t he principal Act" .

In subsection (I) of 5Cction 12 of the princi pal Act

(a) im medi ately at the cnd of paragraph (c) thereof th ere

shall be inserted the fOllowing proviso

~Provided that this paragraph sh311 not apply to unsecured

advances or unsecured cn::di t racHities which a commercial bank

may make to a bank in which it is a sharehOlder in te rms of sutJ..

paragraph (i) of paragraph (f) of this sectio n as long as the amoum

of such advances or credit facilities do not in the aggregate e"ceed

twelve a nd a half times its share of the capital and relati ve portio n

of the published reserves of the subsidia ry bank;-; and

(b) subparagraph (i) of the proviso to paragraph (f) thereof

shall be substi tuted by the following

in a nother bank or other ban ks which does not e"ceed in

~(i)

the aggregaTe twen ty- five per centum of the paid·up share capital

and published reserves of the bank, or- .

""

Passed b)' the House of Representatives at Silti ng No. 4L6 of the 25t h July. 1990.

LAW RENCE GONZr

Spea/cer

P . M USCAT TEItRIBILE

Cleric 10 the House 01 Represcnlalil't's

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