(1) 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;
© 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;
© 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 subsections (1)(a) to © 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;
(b) conclude a written agreement with the licensed financial institution or the licensed financial holding company providing for a program of remedial action;
© issue an order to the licensed financial institution or the licensed financial holding company or their affiliates or the person responsible for the management of the licensed financial institution or the licensed financial holding company;
(d) issue such directions as it considers necessary in relation to the persons comprising the management of the licensed financial institution or the licensed financial holding company.
(3) An agreement, order, or direction under subsection (2) may require any or all of the following —
(a) to cease and desist from the specified practice or violation;
(b) affirmative action to correct the condition resulting from the specified practice or violation; or
© any specified remedial action.