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with a direction under subsection (2) of section 101 or subsection (4) of section 103 the Central Bank may take any action against the licensed financial institution or licensed financial holding company and the director or officer under sections 75 to 78.

Failure to comply with section 103 109. A person who contravenes section 103 commits an offence and is liable on summary conviction to a fine not exceeding ten thousand dollars or to imprisonment for a term not exceeding one year or to both such fine and imprisonment and in the case of a continuing offence to a further penalty of five hundred dollars for each day on which the offence is continued after conviction. Declaration and registration of related interest and conflict of interest by 110. director (1) Every director of a licensed financial institution or licensed financial holding company who is in any manner, directly or indirectly interested in loans, advances, contracts or transactions from the licensed financial institution or licensed financial holding company shall as soon as possible declare the nature of his interest to the board or other body responsible for the management of the licensed financial institution or licensed financial holding company and shall cause the declaration to be circulated immediately to all of the members of the board. (2) For the purpose of subsection (1) a declaration by a director of a licensed financial institution or licensed financial holding company to the effect that the director is to be regarded as interested in any loan, advance, contract or other transaction, which may, after the date of the notice, be made by the licensed financial institution or licensed financial holding company shall be deemed to be a sufficient declaration of interest in relation to any loan, advance, contract or other transaction so made if: (a) it specifies the nature and extent of the interest of the director; and

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