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Criteria for approval for ownership or control 22. The Central Bank, in determining whether or not to grant its approval, shall make such investigations and inquiries as it considers necessary, and shall consider: (a) the terms and conditions of the proposed acquisition; (b) the financial resources and history of the shareholder or proposed shareholder; (c) the financial condition and capitalisation of the local licensed financial institution; (d) any proposed change in the business, corporate structure, or management, including the board of directors, of the local licensed financial institution; (e) the completeness and truthfulness of the information submitted by the shareholder or proposed shareholder; (f) whether the shareholder or proposed shareholder is a fit and proper person pursuant to sections 97 and 98; (g) whether the board of directors of the shareholder or proposed shareholder are fit and proper persons pursuant to section 97; (h) the identity of the ultimate beneficial owner of the shares and whether such owner is a fit and proper person; and (i) any other matters that the Central Bank considers appropriate. 23. The Central Bank may grant its approval pursuant to section 20 subject to any terms and conditions as it determines in order to protect the licensed financial institution from the risks of membership in a corporate group or to ensure that the ownership or control structure does not hinder effective supervision on a solo or consolidated basis, and may at any time, add to, vary or revoke any term or condition. Granting of approval

Person with control to be fit and proper 24. A person who has received the approval of the Central Bank under section 23 shall at

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