family corporation (4) For the purposes of subsection (3)(a), "family corporation" means a corporation in which- (a) the individual; (b) that individual's spouse; or (c) that individual's child, holds, or any two or more of the persons mentioned in paragraphs (a), (b) and (c) hold, severally or jointly, interests in shares of more than fifty per centum of the shares of the corporation. (5) Any individual who holds ten or more than ten per centum interest in the shares of a licensed institution, or any person other than an individual who holds twenty or more than twenty per centum interest in the shares of a licensed institution, shall, prior to disposing of any interest in the shares of such institution, notify the Bank in writing of such intended disposal and shall continue to notify the Bank of any further intended disposal so long as the individual or other person holds not less than five per centum interest in the shares of the institution. (6) The Bank may, at any time by notice in writing, require any person to submit- (a) any information or particulars of any share acquired or held directly or indirectly for his own benefit or for any other person; or (b) a statement of his current holding of interest in the shares of a licensed institution. ACT 372 - BANKING AND FINANCIAL INSTITUTIONS ACT 1989 46. Maximum permissible holdings.