(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
© 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 —
(a) dismiss the relevant person from his position in the licensed financial institution or affiliate;
(b) prohibit the relevant person from serving in or engaging in banking business permanently or for a stated period; and
© require the relevant person to dispose of all or any part of his direct or indirect ownership interest in the licensed financial institution or affiliate or cease to hold a significant interest in it.