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(3) If any books, minutes, accounts, cash, securities, documents and vouchers are not provided, information or explanation is not supplied in accordance with subsection (1), the defaulting person commits an offence and is liable on summary conviction to a fine not exceeding twenty-five thousand dollars and in the case of a continuing offence to a further penalty of one thousand dollars for each day on which the offence is continued after conviction.

(4) If any information supplied or item produced is false in any material particular, the licensed financial institution or affiliate or both commits an offence and shall be liable on summary conviction to a fine not exceeding fifty thousand dollars.

75. (1)

Central Bank’s powers of remedial action

If in the opinion of the Central Bank a licensed financial institution or any affiliate, director, officer, employee, or significant shareholder of the licensed financial institution: (a) engages in unsafe or unsound practices in conducting the business of the licensed financial institution; (b) violates any provision of this Act, Regulations or Order made under this Act to which the licensed financial institution, affiliate, or person is subject; (c) violates any prudential standard issued by the Central Bank to which the licensed financial institution, affiliate, or person is subject; (d) violates any condition attached to a licence issued by the Central Bank; (e) incurs losses, it may be subject to the remedial actions specified in subsection (2). (2) Where the Central Bank has reasonable cause to believe that the circumstances referred to in paragraphs (a) to (e) of subsection (1) are likely to occur, the Central Bank may take one or more of the following measures: (a) issue a written warning as it considers necessary or appropriate;

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