Section 15Part 7 — Members
Shares not to be issued or transferred without the prior approval of the Authority
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In the case of a society which may issue shares which carry voting rights, shares representing ten per cent or more of total voting rights of the society shall not be issued to a member, and issued shares representing ten per cent or more of the total voting rights of the society shall not be transferred or disposed of in any manner by a member, without the prior approval of the Authority.
The Authority shall not grant the approval specified in subsection (1) where a person acquiring control or ownership of shares representing ten per cent or more of total voting rights of the society is not a fit and proper person.
For the purposes of subsection (1), the society shall provide such information to the Authority, and within the specific time, as the Authority may require for the purpose of assessing whether persons acquiring control or ownership of such shares or voting rights referred to in that subsection are fit and proper persons to have such control or ownership.
For the avoidance of doubt, the references to shares representing ten per cent or more of the total voting rights of a society include cumulative acquisition of shares or voting rights which amount to ten per cent or more of the total voting rights of the society.