Restriction on payments of dividends

(1) No licensee shall declare, credit or pay any dividends on its shares or repatriate any profits– (a) until all the capitalized expenditures of the licensee not represented by tangible assets, and all prior losses have been written off; (b) if the licensee fails to comply with any requirement of this Act relating to capital and (c) until all impaired loans and other assets are adequately provided for by the licensee; (d) if the licensee fails to comply with a directive (e) until all sums due and payable to the Central Bank by the licensee have been paid; or (f) if the licensee fails to comply with section 57 (2). 110 (2) Any licensee who contravenes the provisions of sub- section (1) shall, on being called upon in writing by the Central Bank, pay a fine not exceeding five hundred thousand dollars. (3) Upon receipt of an order under sub-section (2), the licensee or licensed financial institution shall have ten days to object that such a contravention has not taken place, at the end of which period the Central Bank shall either confirm or revoke the order.