Museveni assents to Bill on bank shares
Nov 04, 2003
PRESIDENT Yoweri Museveni has agreed with Parliament on the Financial Institutions Bill allowing free ownership of shareholding in local banks and financial institutions.
By Milton Olupot
PRESIDENT Yoweri Museveni has agreed with Parliament on the Financial Institutions Bill allowing free ownership of shareholding in local banks and financial institutions.
Museveni recently refused to assent to the Bill.
The President was opposed to the provision that allows an individual or relatives to own up to 49% shareholding in a local bank or financial institution.
He wanted individuals or relatives to have only 20% shareholding in any financial institution.
State minister for investment Sam Kutesa yesterday told the Parliamentary Committee on Finance that the President had agreed that people could have free shareholding but insisted that the Central Bank Governor be given the power to determine the minimum capital requirement to set up a commercial bank.
Kutesa implored the Committee to reconsider the bill and allow the Governor to determine the minimum capital requirement for setting up commercial banks.
PRESIDENT Yoweri Museveni has agreed with Parliament on the Financial Institutions Bill allowing free ownership of shareholding in local banks and financial institutions.
Museveni recently refused to assent to the Bill.
The President was opposed to the provision that allows an individual or relatives to own up to 49% shareholding in a local bank or financial institution.
He wanted individuals or relatives to have only 20% shareholding in any financial institution.
State minister for investment Sam Kutesa yesterday told the Parliamentary Committee on Finance that the President had agreed that people could have free shareholding but insisted that the Central Bank Governor be given the power to determine the minimum capital requirement to set up a commercial bank.
Kutesa implored the Committee to reconsider the bill and allow the Governor to determine the minimum capital requirement for setting up commercial banks.