Section 24Part 5 — Regulation by Monetary Authority
Power of Authority in relation to Bank
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Whenever the Authority is of the opinion that —
the Bank is or appears likely to become unable to meet its obligations as they fall due;
the Bank is carrying on business in a manner detrimental to the public interest or the interest of its customers or creditors;
the Bank has contravened this Law; or
there has been or is, on the part of the Bank, its directors or officers, a failure to satisfy any one or more of the criteria of the management requirements set out under this Law,
the Authority may forthwith —
impose conditions upon the Bank and may amend or revoke any such condition;
recommend to the Cabinet that a director or officer of the Bank be substituted;
at the expense of the Bank, appoint a person to advise the Bank on the proper conduct of its affairs, and to report to the Authority thereon within three months of the date of his appointment; and
require such action to be taken by the Bank as the Authority considers necessary.
A person appointed under subsection (1)(iii) or whose appointment has been extended under subsection (3)(b) shall from time to time at his discretion and, in any case, within three months of the date of his appointment or of the extension of his appointment (as the case may be), prepare and furnish a report to the Authority of the affairs of the Bank and of his recommendations thereon.
On receipt of a report under subsection (2), the Authority may —
advise the Cabinet to revoke the appointment of the person appointed under subsection (1)(iii);
extend the period of his appointment;
subject to such conditions as the Authority may impose, allow the Bank to reorganise its affairs in a manner approved by the Authority; or
request that the Bank be wound up, and the Bank shall comply with such request.