84
CAP. 155]
Banking
[1987 Ed.
Remedial action.
3/90343
Commissioner
may vary
liquidity ratio for particular authorized
institutions.
tion and provide him with such particulars of that contravention as he may require.
(2) Where the Commissioner is notified under subsection (1) of a contravention of section 102(1), he shall forthwith notify the Financial Secretary of that contravention and provide him with such particulars of that contravention as he may require.
(3) Every director and every manager of an authorized institution which contravenes subsection (1) commits an offence and is liable on conviction upon indictment to a fine of $500,000 and to imprisonment for 5 years and, in the case of a continuing offence, to a further fine of $10,000 for every day during which the offence continues.
104. (1) Where an authorized institution contravenes section 102(1), the institution and the Commissioner shall enter into discussions for the purposes of determining what remedial action is required to be taken by the institution for it to comply with that section, but the Commissioner shall not be bound by any such discussions.
(2) The Commissioner may, after holding such discussions as he thinks fit under subsection (1), by notice in writing served on the authorized institution, require the institution to take such remedial action as is specified in the notice for the purpose of having the institution comply with section 102(1).
(3) Any authorized institution aggrieved by any requirement contained in a notice under subsection (2) served on it by the Commissioner may appeal by notice in writing served on the Commissioner and the Financial Secretary stating the grounds of the appeal, to the Financial Secretary against the requirement, but that requirement shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.
(4) The Financial Secretary shall determine an appeal under subsection (3) by confirming, varying or reversing the requirement the subject of the appeal.
(5) Every director and every manager of an authorized institution which contravenes any requirement contained in a notice under subsection (2) commits an offence and is liable on conviction upon indictment to a fine of $500,000 and to imprisonment for 5 years and, in the case of a continuing offence, to a further fine of $10,000 for every day during which the offence continues.
105. (1) The Commissioner may, by notice in writing served on an authorized institution, vary the liquidity ratio specified in section 102(1) in relation to that institution by increasing or decreasing the ratio and, where the ratio is so varied, sections 102, 103 and 104 shall, in relation to that institution, apply as if the ratio specified in section 102(1) were the ratio as so varied.
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!Page 86
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84
CAP. 155]
Banking
[1987 Ed.
Remedial action.
3/90343
Commissioner
may vary
liquidity ratio for particular authorized
institutions.
tion and provide him with such particulars of that contravention as he may require.
(2) Where the Commissioner is notified under subsection (1) of a contravention of section 102(1), he shall forthwith notify the Financial Secretary of that contravention and provide him with such particulars of that contravention as he may require.
(3) Every director and every manager of an authorized institu- tion which contravenes subsection (1) commits an offence and is liable on conviction upon indictment to a fine of $500,000 and to imprisonment for 5 years and, in the case of a continuing offence, to a further fine of $10,000 for every day during which the offence continues.
104. (1) Where an authorized institution contravenes section 102(1), the institution and the Commissioner shall enter into discus- sions for the purposes of determining what remedial action is required to be taken by the institution for it to comply with that section, but the Commissioner shall not be bound by any such discussions.
(2) The Commissioner may, after holding such discussions as he thinks fit under subsection (1), by notice in writing served on the authorized institution, require the institution to take such remedial action as is specified in the notice for the purpose of having the institution comply with section 102(1).
(3) Any authorized institution aggrieved by any requirement contained in a notice under subsection (2) served on it by the Commissioner may appeal by-notice in writing served on the Commissioner and the Financial Secretary stating the grounds of the appeal, to the Financial Secretary against the requirement, but that requirement shall take effect immediately, notwithstanding that an appeal has been or may be made under this subsection.
(4) The Financial Secretary shall determine an appeal under subsection (3) by confirming, varying or reversing the requirement the subject of the appeal.
(5) Every director and every manager of an authorized institu- tion which contravenes any requirement contained in a notice under subsection (2) commits an offence and is liable on conviction upon indictment to a fine of $500,000 and to imprisonment for 5 years and, in the case of a continuing offence, to a further fine of $10,000 for every day during which the offence continues.
105. (1) The Commissioner may, by notice in writing served on an authorized institution, vary the liquidity ratio specified in section 102(1) in relation to that institution by increasing or decreasing the ratio and, where the ratio is so varied, sections 102, 103 and 104 shall, in relation to that institution, apply as if the ratio specified in section 102(1) were the ratio as so varied.
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