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responsible for the noncompliance.

(3)

If at any time:

(a) after the period specified, the licensed financial institution or affiliate failed to raise its capital to the levels necessary to rectify its undercapitalisation; or (b) before the end of the period specified, the financial position of the licensed financial institution or affiliate continues to deteriorate, the Central Bank may without having to wait for the expiry of that period place the licensed financial institution into official administration in accordance with Part IX of this Act or revoke its licence and initiate receivership and liquidation in accordance with Part X.

(4) This section shall not be construed so as to preclude the Central Bank from taking action under any other section of this Act.

88. (1)

Notification of removal of directors and officers

Where an action under this Part requires the removal of a director or officer of a licensed financial institution the Central Bank shall serve on the licensed financial institution and on the director or officer concerned written notice of the intended removal. (2) The licensed financial institution and the director or officer served with a notice under subsection (1) may, within the period of fourteen days commencing from the day after which the notice is given, make written representations to the Central Bank and the Central Bank shall take the representations into account in deciding whether to remove the director or officer.

(3) Where the Central Bank is of the opinion that the public interest may be prejudiced by the director or officer continuing to exercise the powers or carry

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