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(1) The Bank of Ghana may withdraw the registration of a financial holding company and require divestiture of a bank or specialised deposit- taking institution licensed under this Act, where

(a) the  financial  holding  company  persistently  fails  to  comply with the requirements of this Act,

(b)  the financial holding company fails to comply with the conditions of registration,

(c)  the financial holding company ceases to meet the requirements for registration as a financial holding company,

(d) the Bank of Ghana determines that registration was granted based on false or inaccurate information,

(e) the  Bank  of  Ghana  determines  that  the  financial  holding company is insolvent or is likely to become insolvent,

(f) the parent company of the financial holding company loses its authorisation to conduct deposit-taking business in its home jurisdiction, or

(g) proceedings  for  bankruptcy,  insolvency  or  an  arrangement with  creditors  are  initiated  against  that  financial holding company.

(2)  Where a registration is withdrawn under subsection (1), the Bank of Ghana may

(a) require the divestiture of the bank or specialised deposit taking institution in the country,

(b) restrict transactions between the bank or specialised deposit-taking  institution  in  the  country  and  the  financial holding company and other members of the financial group, or

(c) place the financial holding company in official administration or receivership.