Provisions relating to
Prohibition on selling or pledging shares and debentures of banks or financial institutions:
- (1) Notwithstanding anything contained in the laws in force, the promoter of a bank or financial institution shall not be entitled to sell or pledge any share registered in his or her name for at least five years from the date of commencement of financial transactions. Provided that if there arises a special circumstance due to the emergence of any obstruction or hindrance in the operation of a bank or financial institution, nothing in this Sub-section shall be deemed to prevent the granting of permission by the Rastra Bank to the promoters to sell shares between or among them.
- (2) If the promoter of a bank or financial institution wishes to sell or pledge the shares held in his or her name after five years from the date of commencement of financial transactions by the bank or financial institution, he or she may sell or pledge such shares, subject to the conditions prescribed by the Rastra Bank.
A blogger who wants to create value to its visitors through blog posts.