Regulatory Alerts2005-04-28
Regulations Concerning Changes in Authorized Capital Stock and Share Acquisitions
The Central Bank of Liberia issued Regulation No. CBL/SD/03/2005 to govern alterations in authorized capital stock and the acquisition of significant shares by bank-financial institutions. The regulation mandates prior written Central Bank approval for any capital stock changes or significant share transfers, requiring prospective shareholders to pass a statutory fit and proper test and submit detailed due diligence information. Non-compliant banks face minimum fines of two hundred thousand Liberian Dollars or the rejection of their share transfers, with all provisions taking immediate effect upon publication.
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