(1) Without limiting the grounds specified under section 76(b) of the Banking Act, the Central Bank may suspend an activity of a licensed financial institution where —
(a) the licensed financial institution fails to comply with a power exercised under section 14E(1); or
(b) the Central Bank is satisfied that an event under section 14E(2) has occurred.
(2) The Central Bank may exercise a power under section 14E(1) before suspending an activity under subsection (1).
(3) The Central Bank shall, notify the Authority, in writing, within forty-eight hours of suspending an activity under subsection (1).
(Inserted by Act 16 of 2021)