85. Appointment of observer
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(1) Where any of the grounds for remedial action under section 75 exists and —
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(a) the Central Bank considers it necessary to stabilise the licensed financial institution or affiliate; or
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(b) a licensed financial institution or affiliate fails to comply with a measure under section 75,
the Central Bank may by order appoint a competent person as observer of the licensed financial institution or affiliate at the expense of the licensed financial institution or affiliate.
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(2) The Central Bank shall give the licensed financial institution, or affiliate —
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(a) notice in writing of its intention to appoint an observer; and
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(b) the opportunity to submit to it, within a specified period being not less than 14 days, a written statement of objections to the appointment,
unless, the Central Bank determines that time to object would be detrimental to the interests of the licensed financial institution, the affiliate, or depositors.
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(3) A licensed financial institution or affiliate which is served with an order appointing an observer shall comply with the order.
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(4) An observer appointed under this section is entitled to attend the meetings of the board of the licensed financial institution or affiliate or its committees.
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(5) The observer's views shall be recorded in the minutes of the meetings, but the observer shall not have the right to vote on any matter.
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(6) An observer appointed under this section —
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(a) shall hold office for a period determined by the Central Bank; and
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(b) shall furnish the Central Bank with status reports on the licensed financial institution or affiliate as the Central Bank may determine.
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(7) An observer appointed under this section shall have full access to the premises of the licensed financial institution or affiliate and shall have a right to call upon any director, officer, external auditor, or other person to which any function is outsourced or any other person with information regarding the licensed financial institution or affiliate to furnish the observer any information and explanation which the observer may consider necessary and that person shall comply.