CRD Welcome Package

otherwise dispose of an affiliate or part of its business;

(d) prohibit payment of bonuses or incentive compensation to any director or officer; (e) prohibit the licensed financial institution or affiliate from paying a dividend or making a distribution on its share capital or issue rights, shares or bonus shares to shareholders or to any person claiming under their authority; (f) require shareholders to contribute additional capital; (g) suspend or remove any officer of the licensed financial institution or affiliate or restrict the officer’s powers; (h) remove any or all of the directors on the board of the licensed financial institution or affiliate or restrict their powers; (i) restrict or vary any restriction of a licence; (j) any other action necessary or appropriate to eliminate the basis for requiring remedial action; or (k) revoke the licence issued to the licensed financial institution to do banking business pursuant to section 14. Remedial actions against directors, officers, employees or significant 77. shareholders (1) In sections 77 and 78 “relevant person” means director, officer, employee or significant shareholder. (2) The Central Bank pursuant to section 75 with respect to any relevant person of a licensed financial institution or affiliate may take the following remedial actions: (a) require the relevant person to reimburse the licensed financial institution for losses caused by any violations; (b) prohibit the relevant person from direct or indirect exercise of voting rights attached to shares of the licensed financial institution; (c) suspend the relevant person from his position with the licensed financial

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