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(1) Where a non-bank financial institution fails, refuses or neglects to comply with an order, direction, or agreement made under section 35, the Bank may

(a) make a “cease and desist” order, of either temporary or indefinite duration requiring the non-bank financial institution and its management to

(i) stop the improper or unacceptable practice,

(ii) put a limit to lending, or

(iii) stop the declaration of dividends;

(b) remove or suspend a person from the management of the affairs of the institution or operation;

(c) impose specified penalties on the offending member of management;

(d) appoint a person who, in the opinion of the Bank is suitably qualified and competent to advise and assist the institution generally or for the purposes of implementing the orders, directions, or agreements under paragraphs (a), (b), or (c) and the advice of the person appointed shall

(i) have the same force and effect as a direction made under paragraphs (a), (b), and (c), and

(ii) be deemed to be a directive of the Bank under this section;

(e) appoint a person, suitably qualified and competent in the opinion of the Bank, to manage the affairs of the institution for the period necessary to rectify the problem and require the institution to add capital as may be specified;

(f) impose any other measures or sanctions as the Bank considers appropriate in the circumstances;

(g) by notice in the gazette, revoke or cancel any existing power of attorney, mandate, appointment or other authority by the institution in favour of any officer or employee or another person.

(2) A person who is not satisfied with the decision of the Bank under subsection (1) may apply to the High Court for redress.