Directives on notice of intention to revoke and revocation

(1) The Central Bank may give a licensee directives– (a) when giving notice of intention to revoke its revoke and licence under section 19(2), that the Central Bank proposes to revoke its (b) at any time after such notice of intention to revoke its licence has been given to the licensee, whether before or after its licence is revoked; or (c) when giving a notice of revocation of its licence under section 25(2) in the case of the voluntary winding-up of the licensee as referred to in section 19(14)(b). (2) Directives under this section shall be such as appear to the Central Bank to be desirable in the interests of the depositors or potential depositors of the licensee, whether for the purpose of safeguarding its assets or otherwise, and may, in particular58 (a) require the licensee to take certain steps or to refrain from adopting or pursuing a particular course of action or to restrict the scope of its business in a particular way; (b) impose limitations on the acceptance of deposits and the incurring of credit exposures; (c) prohibit the licensee from soliciting deposits either generally or from persons who are not already depositors; (d) prohibit the licensee from entering into any other transaction or class of transactions; (e) require the removal of any director or officer; or (f) contain such other requirements as may be considered necessary in any particular case. (3) Where the Central Bank gives a licensee notice that it does not propose to take any further action pursuant to the notice under section 19(2) it shall not give any directives. (4) Under this section no directive shall be given to a licensee or former licensee after it has ceased to have any liability in respect of deposits for which it had a liability at a time when it was licensed and any such directive which is in force with respect to a licensee or former licensee shall cease to have effect when it ceases to have any such liability. (5) A licensee or any director or officer thereof who fails to comply with any requirement or contravenes any prohibition imposed by a directive under this section commits an offence and is liable on summary conviction, in the case of a licensee, to a fine not exceeding five hundred thousand dollars and in the case of any director or officer, to a fine not exceeding five hundred thousand dollars or to imprisonment for five years or to both such fine and term of imprisonment. (6) If a person to whom a directive is issued fails to comply with the said directive the Central Bank may, in addition to any other action that may be taken under this Act, apply to the Supreme Court for an Order requiring that person to comply with the directive, cease the contravention or do anything that is required to be done, and on such application the Supreme Court may so order and make any other Order it thinks fit.