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(2) Where a licensed financial institution fails to comply with the provisions of sections 49 to 56 it is liable to a penalty of one hundred thousand dollars for each provision with which it fails to comply.

57. (1)

Maintenance of specified assets

Every licensed financial institution may be required to maintain specified assets of an amount not less than that from time to time determined by the Central Bank.

(2) The amount of the specified assets under subsection (1) shall be expressed as a percentage of the aggregate demand, savings, and time deposits and other liabilities of the licensed financial institution and the percentage shall not be more than forty per cent unless the Central Bank so approves.

(3) The Central Bank may approve a period during which surpluses and deficiencies in specified assets may be averaged.

(4) The Central Bank may provide that advances granted to a licensed financial institution by any other financial institution or by an overseas branch or office may be excluded from the computation of the demand, savings and time deposits and other liabilities of the licensed financial institution.

(5) The Central Bank may determine the distribution of amounts required to be held between different classes of specified assets, and may also differentiate between classes of banks, credit institutions and other financial institutions.

(6) Every licensed financial institution which is required to hold specified assets shall be afforded a reasonable time to comply.

(7) In this section "specified assets" means freely transferable assets free from any

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