PART 3
OWNERSHIP STRUCTURES
20. Ownership or control of licensed financial institutions
Subject to section 32, except with the written approval of the Central Bank, no person, acting directly or indirectly, alone or together with one or more persons, shall hold or acquire —
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(a) shares in a local licensed financial institution which, together with any existing direct or indirect holdings of that person, would exceed the supervisory thresholds of 10, 20 or 50% of the share capital;
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(b) in the case of a local licensed financial institution not having a share capital, more than the supervisory thresholds of 10, 20 or 50% of the total voting rights of all the members entitled to vote at a general meeting of the local licensed financial institution.