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(1) A non-bank financial institution shall not declare or pay dividend on its shares in any year if the level of capital adequacy of the institution is less than that provided for under this Act or specified by the Bank.

(2) A non-bank financial institution shall not pay dividend on its shares unless it has completely recovered all of its capitalized expenditure.

(3) The Bank may suspend or revoke a licence if dividends are declared or paid in contravention of this section.