Banking Act · s 99

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99.
Clearing House and settlement of balance between banks
(1) In order to facilitate the clearing of cheques and other credit instruments for banks and other financial institutions approved by the
Authority, the Authority shall, in conjunction with such banks and institutions, establish or cause to be established a Clearing House.
(2) The Authority may inspect under conditions of confidentiality the operations, books, accounts, documents and any other records, however kept or maintained, of a Clearing House.
(3) Where the Authority is of the opinion that a Clearing House is carrying on its operations in a manner likely to be detrimental to the interest of banks or other participating financial institutions, the Authority may —

Banking 92
(a) require the Clearing House forthwith to take any action or to do or not to do any act or thing in relation to its business as the
Authority may consider necessary;
(b) appoint a person to advise the Clearing House on the proper conduct of its business;
(c) assume control of and carry on the business of the
Clearing House or direct some other person to assume control of and carry on the business of the Clearing House.
(4) The Authority may at any time fix the remuneration and expenses to be paid by the operator of the Clearing House to any person appointed by the Authority under subsection (3)(b) or (c), whether or not the appointment of such person has terminated.
(5) Where the Authority has taken action under subsection (3), the
Authority may, at any time, vary or reverse any requirement, appointment or direction made by it.

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s 99Clearing House and settlement of balance between banks

(1)

In order to facilitate the clearing of cheques and other credit instruments for banks and other financial institutions approved by the

Authority, the Authority shall, in conjunction with such banks and institutions, establish or cause to be established a Clearing House.

(2)

The Authority may inspect under conditions of confidentiality the operations, books, accounts, documents and any other records, however kept or maintained, of a Clearing House.

(3)

Where the Authority is of the opinion that a Clearing House is carrying on its operations in a manner likely to be detrimental to the interest of banks or other participating financial institutions, the Authority may —

Banking 92

(a)

require the Clearing House forthwith to take any action or to do or not to do any act or thing in relation to its business as the

Authority may consider necessary;

(b)

appoint a person to advise the Clearing House on the proper conduct of its business;

(c)

assume control of and carry on the business of the

Clearing House or direct some other person to assume control of and carry on the business of the Clearing House.

(4)

The Authority may at any time fix the remuneration and expenses to be paid by the operator of the Clearing House to any person appointed by the Authority under subsection (3)(b) or (c), whether or not the appointment of such person has terminated.

(5)

Where the Authority has taken action under subsection (3), the

Authority may, at any time, vary or reverse any requirement, appointment or direction made by it.