Greenland Bank Limited v Westmont Land (Asia)
Greenland Bank Limited v Westmont Land (Asia) (Civil Suit 309 of 1999) [1999] UGHC 23 (10 September 1999)
The court held that the Central Bank's takeover of Greenland Bank Ltd. did not extinguish the bank's corporate personality or its capacity to sue or be sued. Instead, the Central Bank assumes management and control, including the power to initiate or defend proceedings, but must do so in the name of the seized institution. The new Board of Directors, appointed by the Central Bank, was competent to instruct advocates, and the authority given to the plaintiff's counsel was valid. The court found that the press release describing the Board's role as merely advisory was not legally binding and di…
Source excerpt
- Corporate Personality
- Locus Standi
- Authority Of Advocates
- Bank Liquidation
- Statutory Management