Greenland Bank Ltd v Westmont Land (Asia)
Greenland Bank Ltd v Westmont Land (Asia) (CIVIL SUIT NO. 309 OF 1999) [1999] UGHC 46 (25 August 1999)
The court held that Greenland Bank Ltd., though under the management and control of the Central Bank following statutory takeover, retains its corporate personality and capacity to sue or be sued in its own name. The Central Bank, acting through its appointed Board of Directors, is empowered under section 32(2)(e) of the Financial Institutions Statute to initiate, defend, and conduct legal proceedings in the name of the financial institution. The Press Release issued by the Central Bank, which described the Board's role as advisory, does not override the statutory powers conferred by the Fina…
Source excerpt
- Corporate Personality
- Authority To Instruct Counsel
- Bank Liquidation
- Statutory Management