Restriction or variation

(1) A notice under section 21(6) of a decision to restrict or to vary the restrictions on a licence shall have the effect of restricting the licence or varying the restrictions in the manner specified in the notice. (2) Where the decision notified under sub-section (1) is to restrict the licence or to vary the restrictions on a licence otherwise than as stated in the notice of intention to restrict or vary a restriction the licensee may, within the period of seven days commencing on the day after which the notice was served under section 21(6), make written representations to the Central Bank with respect to the restrictions and the Central Bank may, 57 after taking those representations into account, alter the (3) Where the Central Bank varies a restriction on a licence with the licensee’s agreement or withdraws a restriction consisting of a condition, the variation or withdrawal shall be effected by written notice to the licensee. (4) Where a licence is restricted or varied and the licensee fails to comply with any of the terms of the restriction or variation, as the case may be, the licensee shall, on being called upon in writing by the Central Bank, pay a fine not exceeding one hundred thousand dollars and in the case of a continuing contravention, an additional ten thousand dollars for each day thereafter in which the contravention continues.