Preventive actions by Central Bank in the interest of depositors, etc

(1) If in the opinion of the Central Bank, a licensee is carrying on his business in a manner detrimental to the public interest or to the interest of depositors, creditors and other customers, or has insufficient assets to cover his liabilities, or is contravening any of the provisions of this Act, or regulations made thereunder, the Minister may, on the recommendation of the Central Bank, take one or more of the following measures from time to time as may seem to him necessary– (a) revoke the licence pursuant to section 25; (b) impose new conditions upon the licence or amend or revoke existing conditions; (c) require the removal or substitution of any director or officer of the licensee; (d) at the expense of the licensee, appoint a person, who, in his opinion, has adequate training and experience, to advise the licensee on the proper conduct of his affairs and to report to him thereon within such time as may be specified; or (e) require the licensee forthwith to take such measures as he may consider necessary in relation to his business. (2) If a licensee refuses or fails to take any measure required under sub-section (1)(e), he commits an offence and is liable on summary conviction to a fine not exceeding one thousand dollars in respect of every day during which the offence continues.