(1) Where an examination has been conducted by the Bank of Ghana under section 94, the Bank of Ghana shall furnish a copy of the report to the entity examined and call upon the entity to provide within forty-five days from the date of the receipt of the report, a written explanation on the findings contained in the report and action taken, within a specified time.

(2) The board of directors shall consider the report at a meeting convened  subsequent  to  the  receipt of the report on the  examination conducted  by  the  Bank  of  Ghana  and  the Head of the appropriate supervisory structure or the representative may be invited to attend.

(3)  The Head of the appropriate supervisory structure may request a meeting with the board of the examined entity to discuss the examination or investigation report.

(4)  An entity which fails to submit an explanation under subsection (1) is liable to pay to the Bank of Ghana an administrative penalty of not more than one thousand penalty units