Banking Act · s 41

Suggest a correction

Tell us what is wrong in this text. We check every suggestion against the official version before we change anything.

What is wrong?Wrong or mistyped wordsWrong structure or numberingWrong title or detailsText that appears twice

What should change, and whyUp to 2,000 characters.The text as it should read (optional)Edit the text above. Up to 20,000 characters.Where you checked it (optional)A link to the official version, if you have one.

The text as we hold it

Open the official text

s 41Power of Authority to secure compliance

(1)

If at any time called upon in writing by the Authority to do so, a bank shall satisfy the Authority by the production of such evidence or information as it may require, that the bank is not in contravention of any of the preceding provisions of this Part.

(2)

For the purpose of securing compliance with the preceding provisions of this Part and with sections 11, 25 and 38, the Authority may by notice in writing require any licensed bank to prepare a statement aggregating its assets, liabilities or profits, as the case may be, with the assets, liabilities or profits of all or related companies or parties; and the bank shall comply with that requirement within such time as is specified in the notice.

(3)

A bank which fails to comply with any of the provisions of this section is guilty of an offence and liable on conviction to a fine not exceeding $150,000.