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(1) Where a bank, specialised deposit-taking institution, or financial holding company is significantly undercapitalised, the Bank of Ghana shall immediately take any or all of the following actions

(a) take any of the actions prescribed in section 105; or

(b) enter into an agreement with the board of directors of the bank, specialized deposit-taking institution or financial holding  company  to  require  it  to  rectify  the  significant under capitalisation within ninety days, and to restore capital adequacy within one hundred and eighty days or within a shorter period that the Bank of Ghana shall require.

(2) In addition to the actions prescribed in subsection (1), the Bank of Ghana may prohibit the bank, specialised deposit-taking institution or financial holding company from engaging in new “off-balance sheet” transactions.

(a) after the period specified in paragraph (b) of subsection (1), the bank, specialised deposit-taking institution or financial holding company has failed to raise its capital to the levels necessary to rectify its significant undercapitalisation; or

(b) before the end of the period specified in paragraph (b) of subsection (1), the financial position of the bank, specialised deposit-taking institution or financial holding company the Bank of Ghana shall without having to wait for the expiry of that period, place the bank, specialised deposit-taking institution or financial holding company into official administration in accordance with sections 107 to 122 or revoke its licence or registration and initiate receivership process in accordance with sections 123 to 139.

(4) A “significantly under capitalised bank, specialised deposit- taking institution, or financial holding company” means a bank, specialised deposit taking institution, or financial holding company which does not hold at least fifty percent of any of the capital requirements prescribed in

(5) This section shall not be construed so as to preclude the Bank of Ghana from taking action under any other provision of this Act.

(6) The Bank of Ghana shall give notice to the Ghana Deposit Protection Corporation immediately the Bank of Ghana initiates corrective action against a bank or specialised deposit-taking institution.