Amendment of memorandum and articles of association
11 Amendment of memorandum and articles of association
The Ministers who are the voting shareholders of the Bank are authorised to take steps before the appointed day to make alterations and additions to the memorandum and articles of association of the Bank or a subsidiary of the Bank, being alterations and additions contemplated by the Share Sale Agreement, whether or not some or all of them are or may be inconsistent with the requirements of the State Owned Corporations Act 1989 or the State Bank (Corporatisation) Act 1989 or both.
However, any such inconsistent alterations or additions do not take effect before the appointed day.
Despite section 172 of the Corporations Law, subsection (6) of that section does not apply in relation to any alteration or addition referred to in subsection (1) of this section.
This Act’s bill:Explanatory memorandumSecond reading speech
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