(1) Whatever may be mentioned in the Companies Act or other prevailing law or memorandum and article of association of the problematic commercial bank or financial institution, after taking such commercial bank or financial institution in its control under the provision of the Clause (o) of the Sub-section (1) of the Section 86C, in case there is reduction of the paid up capital of such commercial bank or financial institution or the due amount was not paid by the shareholders or liabilities is not recoverable by the assets of such commercial bank or financial institution, bank can decrease the share capital of such commercial bank or financial institution in limit of reduction of the share capital or liabilities which is not coverable by the assets. Provided that, before decrease of share capital the bank has to publish minimum two notice of this effect in national daily. (2) Whatever may be mentioned in the Companies Act or other prevailing law or memorandum and article of association of the problematic commercial bank or financial institution, bank can cancel the remaining shares of the commercial bank or financial institution whose assets and liabilities are partially or wholly transferred to other commercial bank, financial institution or any other body under the provision of Clause (b), (c) or (d) of Sub-section (3) of Section 86F by publishing minimum two notice of this effect in national daily. (3) Before issuing the notice under Sub-section (1) the bank has to provide thirty days time for those shareholders who has due amount of the price of paid up share. Bank can initiate the process of cancellation of share of those shareholders who did not pay the due amount after such notice, and bank can determine the minimum price for the share of the commercial bank or financial institution which is insolvent or in the process of dissolution.
(4) In case of decrease of the share capital of any commercial bank or financial institution under Sub-section (1) or cancellation of share under Sub-section (3) it may be ipso facto considered that amendment in the memorandum and article of association such commercial bank or financial institution is made accordingly.