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institution or declare him to no longer be fit and proper; and

(d) prohibit the payment of capital distributions or dividends to a relevant person.

(3) If the Central Bank has reasonable cause to believe that a financial institution or its shareholders, directors, officers, employees, attorneys, accountants or other professionals have engaged or are engaging in criminal or fraudulent activities, it shall immediately refer the matter to the authorities responsible for investigating and prosecuting the activities.

Additional Central Bank powers of remedial action against directors, 78. officers, employees or significant shareholders

(1) If in the opinion of the Central Bank any relevant person of a licensed financial institution or affiliate: (a) wilfully or repeatedly has caused violation of any provision of this Act, Regulations or Order issued under this Act or prudential standard issued by the Central Bank to which the institution or person is subject following a written warning or an order from the Central Bank under section 75; (b) has been engaging in an unsafe or unsound practice that has resulted in a material loss to the licensed financial institution or financial gain to a person; or (c) has been conducting his affairs in a manner detrimental to the interests of the depositors, that person shall be subject to the remedial actions specified in subsection (2).

(2) In addition to the actions in section 77, the Central Bank may take one or more of the following actions:

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