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(1) Where the Bank of Ghana determines that a relevant person has

(a) contravened a provision of this Act, the Regulations or

 (b) contravened any condition or restriction attached to a

 (c) engaged in an unsafe or unsound practice, the Bank of Ghana may take any of the following actions:

 (d) issue an order to the relevant person to take the remedial action as the Bank of Ghana may specify within a stated period and the relevant person shall comply with the order;

(e)  impose  an  administrative  penalty  of  not  more  than  one hundred penalty units on the relevant person for each day that the contravention continues except that the fines shall be of similar amount for entities with comparable total assets for the same type of contravention;

(f)  require the relevant person to reimburse the bank, specialised deposit-taking institution, or financial holding company

(g) prohibit the relevant person from direct or indirect exercise of voting  rights  attached  to  shares  of  the  bank,  specialised deposit-taking institution or financial holding company;

(h) suspend the relevant person from office or declare that the relevant person is no longer a fit and proper person; or

(i)  prohibit the payment of capital distributions or dividends

(2)  Where the Bank of Ghana determines that a relevant person has

(a) willfully or repeatedly caused a contravention of a provision of this Act, the Regulations or directives issued under this Act following a written warning or an order from the

(b)  been  engaging  in  an  unsafe  or  unsound  practice  that  has resulted in a material loss to the bank, specialised deposit-taking institution or financial holding company or financial gain to that relevant person; or

(c)  been conducting its affairs in a manner detrimental to the interests of its depositors and creditors, the Bank of Ghana may in respect of the actions referred to in subsection (1), issue an order taking any of the following actions:

(d) direct the dismissal of the relevant person from the bank, specialised  deposit-taking  institution,  or  financial  holding company;

(e) prohibit the relevant person from serving in or engaging in the deposit-taking business for a stated period;

(f)  impose  an  administrative  penalty  of  not  more  than  one hundred penalty units for each day that the contravention continues; or

(g) require the relevant person to dispose of all or any part of the direct or indirect holding or interest in the bank, specialised deposit taking institution, or financial holding company or cease to hold a significant interest in it.

(3) If the relevant person is charged with a criminal offence,

(a)  the Bank of Ghana may issue an order temporarily suspending the relevant person from the bank, specialised deposittaking institution, or financial holding company; and

(b)  if applicable, suspend the exercise of voting rights of shares in the bank, specialised deposit-taking institution, or financial holding company by the          relevant person, pending the determination of the criminal case.

(4) A dismissal of the criminal case or an acquittal on the merits, shall not preclude the Bank of Ghana from taking any enforcement action authorised by this Act with respect to the relevant person.

(5) A relevant person shall not hold any position in an affiliate of a bank, specialised deposit-taking institution or financial holding company without the prior written approval of the Bank of Ghana, if that relevant person is the subject of a directive or order of the Bank of Ghana

(a) suspending or removing the relevant person from a position in that bank, specialised deposit-taking institution or financial holding company; or

(b) prohibiting the exercise of voting rights in shares of the bank, specialised  deposit-taking  institution,  or  financial  holding company, or requiring the person to dispose of the holding or interest of that relevant person.

(6) The powers of the Bank of Ghana to take action under this section are in addition to any other specific powers and penalties that may be imposed by the Bank of Ghana under this Act.

(7) For the purpose of this section, “relevant person” means a director, key management personnel or employee or significant shareholder of a bank, specialised  deposit-taking  institution  or  financial  holding company.