Section 1 – Application of this Act Section 2 - Application of Act 179 Section 3 - Role of the Bank of Ghana Section 4 - Deposit-taking business Section 5 - Licensing authority of Bank of Ghana Section 6 - Requirement of a licence Section 7 - Application for licence Section 8 - Types of licences Section 9 - Pre-requisites for a licence Section 10 - Provisional approval Section 11 - Invitation to public to subscribe to shares Section 12 - Final approval and issuance of banking or specialised deposit-taking institution licence Section 13 - Non transferability or assignment of licence Section 14 - Conditions for issuance of licence Section 15 - Refusal of licence Section 16 – Revocation of License Section 17 - Central Register Section 18 - Permissible activities Section 19 - Restrictions on commercial, agricultural or industrial activities and immovable property Section 20 - Powers regarding unauthorised deposit-taking business Section 21- Repayment of moneys by unauthorized persons Section 22- Penalties for unauthorised deposit-taking business Section 23 - Use of the word “bank” Section 24 - Display of licence Section 25 - Places of business to be licensed Section 26 - Representative offices Section 27 - Change of Company Regulations and other instruments of banks or specialised deposit-taking institutions Section 28 - Minimum paid-up capital Section 29 - Capital adequacy and other capital requirements Section 30 - Additional capital in respect of special risks Section 31 - Capital adequacy requirements on a consolidated basis Section 32- Notifying non-compliance with capital requirements Section 33 - Penalty for non-compliance with capital requirements Section 34 - Reserve Fund Section 35 - Restrictions on declaration and payment of dividend Section 36 - Liquidity requirements Section 37 - Maintenance of liquid assets on a consolidated basis Section 38 - Additional liquidity requirement for additional risk Section 39 - Notification of non-compliance with minimum liquidity requirements Section 40 - Penalties for non-compliance with liquidity requirements Section 41 - Maintenance of Net Open Position Section 42 - Reporting of group structures Section 43 - Registration requirement for financial holding companies Section 44 - Application for registration Section 45 - Display of certificate of registration Section 46 - Restriction on activities of financial holding companies Section 47 - Power to require restructuring of ownership Section 48 - Withdrawal of registration by Bank of Ghana Section 49 - Transfer of shares affecting significant shareholdings Section 50 - Disapproval of transfer of shares Section 51- Restriction or cap on ownership Section 52 - Sale of businesses, mergers, amalgamations and reconstructions Section 53 - Consideration of application Section 54 - Review of applications for approval of sale of businesses, mergers, amalgamations, or reconstructions Section 55 - Penalties for non-compliance Section 56 - Corporate governance Section 57 - Duty of directors to report Section 58 - Disqualification of a director and key management personnel Section 59 - Disclosure of interest Section 60 - Intervention of the Bank of Ghana in appointments Section 61 - Prohibition of an advance against security of own shares Section 62 - Limits on financial exposure Section 63 - Financial exposure limits on a consolidated basis Section 64 - Restrictions on transactions with an affiliate Section 65 - Restriction on purchase or transfer of certain assets from an affiliate and insider Section 66 - Restrictions on inter-institutional placements and loans Section 67 - Restrictions on financial exposures to an insider Section 68 - Limits on financial exposures to related parties on a consolidated basis Section 69 - Restrictions on lending to staff Section 70 - Requirements for lending to insiders and their related interests Section 71 - Restriction on establishment of a subsidiary company Section 72 - Limits on investment by banks or specialised deposit-taking institutions in respect of a subsidiary company Section 73 - Limits on investment by banks or specialised deposit-taking institutions in respect of non-subsidiary institutions Section 74 - Reporting of exposures Section 75 - Asset classification, provisioning and write-offs Section 76 - Limits on a foreign exchange business Section 77 - Powers to impose stricter prudential limits Section 78 - Guidelines and accounting standards and disclosures in financial statements Section 79 - Accounting records Section 80 - Financial statements Section 81 - Appointment of auditors Section 82 - Power of the Bank of Ghana to appoint auditors Section 83 - Remuneration of auditor Section 84 - Right of auditor to access information Section 85 - Report of auditor Section 86 - Meetings with auditors Section 87 - Duties of auditor to the Bank of Ghana Section 88 - Special audit and additional information Section 89 - Termination of appointment of auditor Section 90 - Display of financial statements Section 91 - Powers of regulation and supervision Section 92 - Directives Section 93 - Information and periodic returns Section 94 - Examination Section 95 - Investigation or scrutiny Section 96 - Power of examiners Section 97 - Taking custody of records Section 98 - Verification of information Section 99 - Examination reports Section 100 - Follow-up action on examination and other supervisory reports Section 101 - Appointment of advisor Section 102 - Remedial measures for banks, specialised deposit-taking institutions or financial holding companies Section 103 - Remedial measures for directors, key management personnel, and Section 104 - Prompt corrective action for adequately capitalised banks, specialised deposit-taking institutions, or financial holding companies suffering material losses Section 105 - Prompt corrective actions for uncapitalised banks, specialised Deposit-taking institutions or financial holding companies Section 106 - Prompt corrective action for significantly undercapitalised banks, specialised deposit-taking institutions, or financial holding companies Section 107 - Grounds for appointing an official administrator Section 108 - General powers of the official administrator Section 109 - Oversight of official administrator by the Bank of Ghana Section 110 - Suspension of dividends Section 111 - Moratorium and effect of official administration on proceedings Section 112 - Suspension of rights of termination Section 113 - Control of the bank or specialised deposit-taking institution by official administrator Section 114 - Inventory and plan of action to resolve the bank or specialised deposit- taking institution Section 115 - Capital increase by existing shareholders Section 116 - Recapitalisation by new shareholders Section 117 - Mergers, sales and other restructurings Section 118 - Mandatory restructuring of liabilities Section 119 - Removal of directors and key management personnel Section 120 - Misconduct by significant shareholders, directors, key management Section 121 - Expenses of the official administration Section 122 - Termination of official administration Section 123 - Mandatory revocation of licence and initiation of receivership Section 124 - Qualifications and compensation for receiver Section 125 - Notice and registration of receivership Section 126 - Oversight of Bank of Ghana over receiver Section 127 - General powers of receiver Section 128 - Effects of receivership Section 129 - Control of the hank or specialised deposit-taking institution by receiver Section 130 - Inventory of assets and new financial position Section 131 – Repudiation of contracts Section 132 - Setting aside of pre-receivership transactions Section 133 - Determination of claims Section 134 - Claims relating to eligible financial contracts Section 135 - Priorities in payment of claims Section 136 - Termination of receivership and final reporting to the Bank of Ghana Section 137 - Miscellaneous receivership provisions Section 138 - Relationship with other enactments Section 139 - Voluntary winding-up Section 140 - Review of decisions of the Bank of Ghana on licensing Section 141 - Review of decision of Bank of Ghana on official administration, liquidation and receivership by arbitration Section 142 - Review of decisions through arbitration Section 143 - Unclaimed balances Section 144 - Prohibition of floating charge Section 145 - Confidentiality obligations of officials and employees of the Bank of Ghana Section 146 - Secrecy of customer information Section 147 - Agreements for exchange of information Section 148 - Disclosure of information relating to banks or specialised deposittaking institutions or financial holding companies Section 149 - Submission of reports on trend and progress Section 150 - Protection from liability and indemnification Section 151 - Collection of civil penalties Section 152 - Prosecution of offences and penalties Section 153 – Joinder of offences Section 154 – General penalty Section 155 - Regulations Section 156 - Interpretation Section 157 – Repeal and savings Section 158 – Validity of existing licence Section 159 – Transitional provisions Section 160 - Moratorium for transition First Schedule - Part 1 First Schedule - Part 2