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all times during which the person holds the shares or control, continue to be a fit and proper person pursuant to sections 97 and 98.

Grounds for disapproval of a transfer 25. The Central Bank may disapprove a proposed transfer of shares in the interest of sound and prudent management of a licensed financial institution by preventing: (a) the acquisition of shares by a person who, does not satisfy the fit and proper criteria issued by the Central Bank or may exercise control to the detriment of that licensed financial institution, or (b) a transaction in any other situation in which the Central Bank has reason to believe that the transaction will be detrimental to that licensed financial institution. 26. Except with prior notice to the Central Bank, no person, shall sell or dispose of shares in a licensed financial institution to any other person, if as a result of the transaction the shareholding falls below the supervisory threshold of ten, twenty, or fifty percent of the share capital. 27. Where the Central Bank determines that the interests of a group of two or more shareholders of a licensed financial institution are connected the total holdings of those shareholders shall be combined and deemed to be the holdings of a single member. 28. A local licensed financial institution shall submit a quarterly report to the Central Bank on ownership and control of the local licensed financial institution, which shall include: (a) the names and addresses of any person who owns five per cent or more of the total voting rights of the local licensed financial institution; (b) where a person is a nominee, the name and address of the ultimate Prohibition against selling below supervisory threshold Group holdings to be deemed holdings of single member Quarterly reports on ownership and control

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