(1) If the Director is of the opinion that an incorporated cell is or appears likely to become unable to meet its obligations as they fall due, or is carrying on business in a manner detrimental to the public interest, the interest of its policyholders or other creditors, or has contravened this Act, or has failed to comply with a condition of its registration, or that a condition exists that would have caused the Director to refuse the registration of the incorporated cell upon application for registration, the Director may as soon as possible—
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(a) cancel the registration of the incorporated cell;
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(b) impose conditions, or further conditions upon the incorporated cell and may amend or revoke any such condition;
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(c) require such action to be taken by the incorporated cell as the Director considers necessary.