(a) refuse the application; or (b) grant the application; or (c) the application subject to such conditions as the Bank may impose, and in writing inform the applicant of its decision. (5) The Bank may not grant an application in terms of subsection (4) unless the Bank is satisfied that all the requirements as determined by the Bank have been met. (6) If the Bank grants an application referred to in subsection (4), the Bank must to the foreign institution concerned a certificate of authorization to conduct banking business by means of a branch in Namibia. (7) Any foreign institution that conducts banking business by means of a branch in Namibia without having obtained the Bank’s written authorization referred to in subsection (1) commits an offence and is liable to the penalties provided for under section (72)(2)(a). [section 19A inserted by Act 14 of 2010] Application of this Act to branches of foreign banking institutions 19B. (1) A foreign banking institution authorized to conduct banking business by means of a branch in Namibia is construed as a banking institution in terms of this Act, and for all purposes this Act applies to any such branch, but the Minister, by notice in the on Gazette, the recommendation of the Bank, may exempt such branch from the application of certain provisions of this Act. (2) Unless expressly stated otherwise, any reference to a banking institution in any other law includes, in so far as it may be relevant, a reference to a branch in Namibia of a foreign banking institution. [section 19B inserted by Act 14 of 2010] PART IV SHAREHOLDING IN BANKING INSTITUTIONS Restriction on shareholding and changes in shareholding 20. (1) Notwithstanding the Companies Act, but subject to the prior written approval of the Bank - (a) no banking institution or controlling company shall allot or issue, or register the transfer of, any of its shares to a person; or (b) no person shall acquire any shares in a banking institution or controlling company, to the extent to which the nominal value of the shares so allotted, issued, transferred or acquired, together with the nominal value of any other shares in the banking institution or controlling company already registered in the name of such person or in the name of any related party of such person, equals or exceeds in total 20 per cent of the total nominal value of all issued shares in the banking institution or controlling company.
(a) refuse the application; or (b) grant the application; or (c) the application subject to such conditions as the Bank may impose, and in writing inform the applicant of its decision. (5) The Bank may not grant an application in terms of subsection (4) unless the Bank is satisfied that all the requirements as determined by the Bank have been met. (6) If the Bank grants an application referred to in subsection (4), the Bank must to the foreign institution concerned a certificate of authorization to conduct banking business by means of a branch in Namibia. (7) Any foreign institution that conducts banking business by means of a branch in Namibia without having obtained the Bank’s written authorization referred to in subsection (1) commits an offence and is liable to the penalties provided for under section (72)(2)(a). [section 19A inserted by Act 14 of 2010] Application of this Act to branches of foreign banking institutions 19B. (1) A foreign banking institution authorized to conduct banking business by means of a branch in Namibia is construed as a banking institution in terms of this Act, and for all purposes this Act applies to any such branch, but the Minister, by notice in the Gazette, on the recommendation of the Bank, may exempt such branch from the application of certain provisions of this Act. (2) Unless expressly stated otherwise, any reference to a banking institution in any other law includes, in so far as it may be relevant, a reference to a branch in Namibia of a foreign banking institution. [section 19B inserted by Act 14 of 2010] PART IV SHAREHOLDING IN BANKING INSTITUTIONS Restriction on shareholding and changes in shareholding 20. (1) Notwithstanding the Companies Act, but subject to the prior written approval of the Bank - (a) no banking institution or controlling company shall allot or issue, or register the transfer of, any of its shares to a person; or (b) no person shall acquire any shares in a banking institution or controlling company, to the extent to which the nominal value of the shares so allotted, issued, transferred or acquired, together with the nominal value of any other shares in the banking institution or controlling company already registered in the name of such person or in the name of any related party of such person, equals or exceeds in total 20 per cent of the total nominal value of all issued shares in the banking institution or controlling company.