Powers of Financial Secretary.
(3) Subject to the provisions of subsection (3) of section 44, the Financial Secretary shall cause to be published in the Gazerte each year in the month of April the name of every bank which has within the preceding financial year paid the fees payable under this section.
PART IV.
Powers of CONTROL OVER BANKS.
13. (1) Where-
(a) a bank informs the Financial Secretary-
(1) that it considers that it is likely to become unable to meet its obligations; or
(ii) that it is insolvent or about to suspend payment;
(b) a bank becomes unable to meet its obligations or suspenda
payment:
(c) after investigation is made under section 15, the Financial
Secretary is of the opinion that a bank-
(i) is carrying on its business in a manner detrimental to the interests of its depositors or of its creditors;
(i) is insolvent or is likely to become unable to meet its obligations or is about to suspend payment,
(iii) has contravened or failed to comply with any of the provisions of this Ordinance; or
(iv) has contravened or failed to comply with any condi- tion attached to its licence; or
(d) the Financial Secretary considers it in the public interest to
do so,
the Financial Secretary may exercise such one or more of the following powers as may from time to time appear to him to be necessary-
(i) to require the bank forthwith to take any action or to do any set or thing whatsoever in relation to its business as he may consider necessary;
(ii) to appoint a person to advise the bank in the proper conduci of its business, and may fix the remuneration to be paid by the bank to such person;
(ii) to direct the Commissioner or some other person to assume control of and carry on the business of the bank, and may fix the remuneration to be paid by the bank to the Commissioner and to such person;
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(iv) to report the circumstances to the Governor in Council.
(2) The Financial Secretary shall not exercise the power conferred by paragraph (iv) of subsection (1) unless the bank has been given reasonable notice in writing of his intention to exercise such power together with a written statement of his reasons therefor and has been afforded opportunity to submit to him representations in writing thereon.
(3) Any person aggrieved by the exercise by the Financial Secre- tary of any of the powers conferred on him by paragraphs (1), (ii) and (iii) of subsection (1) may appeal by way of petition to the Governor in Council.
(4) A bank shall comply with any requirement, appointment, fixing of remuneration or direction made under paragraphs (i), (ii) and (if) of subsection (1) notwithstanding that an appeal has been or may be made to the Governor in Council under subsection (3).
14. (1) Where-
Powers of Gaemar in
(a) the Financial Secretary makes a report to the Governor in Council.
Council under paragraph (iv) of subsection (1) of section 13;
or
(b) any person appeals to the Governor in Council under sub-
section (3) of section 13.
the Governor in Council may, without prejudice to the powers con- ferred by section 10, exercise one or more of the following powers-
(i) to confirm, vary or reverse any requirement, appointment, fixing of remuneration or direction made by the Financial Secretary:
(ii) to make such orders as he may think fit in relation to the affairs of the bank, including any order which the Financial Secretary is empowered to make by virtue of paragraphs (i), (ii) and (ii) of section 13; and
(iii) to direct the Financial Secretary to take steps to present a petition to the Supreme Court for the winding up of the bank by the Supreme Court
(2) The Governor in Council may, before considering any report
or appeal under subsection (1), seek the advice of the Banking Advisory
Committee, but shall not be bound to follow any such advice.
15. (1) Without prejudice to the provisions of section 13, the Investigation Financial Secretary may, from time to time, require the Commissioner of banks.
to investigate, with or without prior notice to the bank concerned, the books, accounts and transactions of any bank.
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