(1) Where a licensed financial institution or affiliate fails to comply with any or all of the capital requirements under this Act or prudential standards issued by the Central Bank, the Central Bank shall take any of the following actions —
(a) the actions specified in section 86;
(b) require the licensed financial institution, or affiliate to present a plan that is satisfactory to the Central Bank to reconstitute its capital adequacy ratio within 30 days or a longer period as may be determined by the Central Bank;
© prohibit the licensed financial institution, or affiliate from awarding any bonuses, or increments in the salary, emoluments and other benefits of all directors and officers.
(2) Where a licensed financial institution or affiliate is required by the Central Bank to submit a capital restoration plan under subsection (1), and it fails, refuses or neglects to comply or to implement the capital restoration plan, the Central Bank shall take any of the following measures —
(a) prohibit the licensed financial institution or affiliate from opening new branches or acquiring or establishing new subsidiaries;
(b) restrict the licensed financial institution or affiliate from engaging in new business;
© impose restrictions on growth of assets or liabilities of the licensed financial institution or affiliate as it shall consider fit;
(d) restrict the rate of interest on savings and time deposits payable by the licensed financial institution to the rates as the Central Bank shall determine;
© remove officers of the licensed financial institution or affiliate responsible for the non-compliance.
(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 9 of this Act or revoke its licence and initiate receivership and liquidation in accordance with Part 10.
(4) This section shall not be construed so as to preclude the Central Bank from taking action under any other section of this Act.