Bank And Financial Institution Act, 2073 (2017)
Section 9
Allotment Of Shares
(1) The bank or financial institution shall set aside at least thirty percent share of its total issued capital for subscription by the general public.
Explanation: For the purpose of this section, “general public” means a natural person.
(2) The shares allotted to the general public pursuant to Sub-Section (1) shall be sold to the general public within the stipulated time. The shares that could not be sold in such a manner may be sold to any other firm, company or institution.
(3) The bank or financial institution may set aside 0.5% shares, except that of the limit referred to in Sub-Section (1), to its employees.
(4) The bank or financial institution may, if it wishes, convert the shares into ordinary shares having fulfilled the process specified by the Rastra Bank in such manner as not to be the share ownership of the promoter shares group less than 51 percent.
Explanation: For the purpose of this Chapter,-
(a) “Promoter shares group” means the promoter shares group as prescribed by the Rastra Bank.
(b) “Ordinary shares group” means the shares groups other than the promoter shares group.
(5) Notwithstanding anything contained in Sub-Section (1), the ratio of share ownership as set forth in Sub-Section (1) is not necessarily be there in the case of a bank or financial institution and infrastructure development bank to be incorporated under significant ownership of Government of Nepal.
(6) A bank or financial institution to be incorporated in joint venture with a foreign bank or financial institution or other foreign institution or infrastructure development bank shall allot the shares to the general public as specified by the Rastra Bank.
(7) While inviting applications from the general public for subscription of its shares, a bank or financial institution shall demand payment of hundred percent amount of the face value of its shares along with application.
Bank And Financial Institution Act, 2073 (2017)
Chapter - 4
Section 14: Constitution Of Board Of DirectorsSection 17: Qualifications Of Independent DirectorSection 18: Disqualification Of DirectorsSection 19: Ineligibility To Remain In Office Of DirectorSection 20: Provision Regarding A Person Holding Constitutional PositionSection 21: Meetings Of Board Of DirectorsSection 22: Functions, Duties And Powers Of Board Of DirectorsSection 24: Details Of Directors To Be CollectedSection 25: Information Of Director And RecordSection 28: Allowances And Facilities Of DirectorSection 29: Appointment Of Chief Executive And Terms And Conditions Of ServiceSection 30: Functions, Duties And Powers Of Chief ExecutiveSection 15: Term Of Office Of The DirectorsSection 16: Qualifications Of DirectorSection 23: Responsibility And Accountability Of DirectorSection 26: Power To Constitute Sub-committeesSection 27: Delegation Of Power
Chapter - 12
Section 82: Functions, Duties And Powers Of LiquidatorSection 83: Effects Of Order Relating To LiquidationSection 84: Records Of Assets And LiabilitiesSection 87: Power Of Liquidator To Accept Or Reject ClaimsSection 89: Meeting Of CreditorsSection 91: Advance Payment May Be Made To Depositors ImmediatelySection 92: Power To Sell AssetsSection 93: Notice Of Settlement Of ClaimsSection 98: No Claim To Be EntertainedSection 78: Application May Be Filed Before The Court For Mandatory Liquidation Of Banks Or Financial InstitutionsSection 79: Circumstances Leading To Mandatory Liquidation Of Bank Or Financial InstitutionsSection 80: Transaction To Be SuspendedSection 81: Appointment Of LiquidatorSection 85: Power To Terminate TransactionsSection 86: Notice To Submit ClaimsSection 88: Classification Of ClaimsSection 90: Liquidation PlanSection 94: Order Of Priority For PaymentSection 95: Unclaimed Goods Or AmountSection 96: Decision Of LiquidationSection 97: Mandatory Liquidation Of Bank Or Financial Institution Carrying On Transactions In More Than One Country
Chapter - 14
Section 107: Special Provisions Relating To Infrastructure Development BankSection 108: Security Of Deposits To Be MadeSection 111: Right To Make Claims Over The DepositsSection 115: Prohibition On Making ClaimsSection 118: Provisions Relating To Protection Of Customers’ InterestsSection 119: Exemption And FacilitiesSection 125: Actions Taken Not To Be InvalidSection 128: Amendment Of Memorandum Of Association And Articles Of AssociationSection 133: Power To Frame Byelaws And Working ProceduresSection 109: Banking Secrecy To Be MaintainedSection 110: Power To Give Directive To Freeze AccountsSection 112: Statement Of Unclaimed DepositsSection 113: Recovery From Or Confiscation Of DepositsSection 114: Recovery From DirectorSection 116: Government Of Nepal To Be A PlaintiffSection 117: Provisions Relating To TransparencySection 120: Expenditures ManagementSection 121: Statement Of Assets To Be SubmittedSection 122: Credit, Liabilities And Titles Against The Collateral Of Credit May Be Purchased Or SoldSection 123: Settlement Of DisputesSection 124: Not To Be Liable For Acts Done In Good FaithSection 126: Study Committee And Sub-committee May Be FormedSection 127: Taking Oath Of OfficeSection 129: This Act To PrevailedSection 130: Power To Remove DifficultiesSection 131: Power To Issue Order Or DirectionSection 132: Power To Frame Rules, ByelawsSection 134: Repeal And Saving