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when an extension to the period has been granted by the Central Bank pursuant to section 91.

PART VII SUPERVISION

70. (1)

Central Bank examination

The Central Bank, shall examine or cause an examination to be made of each licensed financial institution from time to time or whenever in its judgment an examination is necessary or expedient in order to determine that the licensed financial institution is in a sound financial condition and that the requirements of this Act have been complied with in the conduct of its business, provided however that each licensed financial institution shall be examined at least once every thirty-six months. (2) For the purpose of determining compliance with this Act and potential risks to a licensed financial institution from its membership in a corporate group, the Central Bank may at any time examine or cause an examination to be made of any affiliate of the licensed financial institution, in the Currency Union or abroad or any of its overseas offices to the same extent that an examination may be made of the licensed financial institution.

(3) The Central Bank may assess a licensed financial institution for the reasonable expenses of conducting an examination under subsections (1) and (2).

(4) The Central Bank shall forward copies of balance sheets, statements and reports on the results of any examination to the licensed financial institution.

71. (1)

Consolidated supervision

The Central Bank shall conduct consolidated supervision of corporate groups to assess and, if necessary, require remedial action as authorised in this Act to

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