61. Bank under control of Authority

Where the Authority has assumed control of the business of a bank in pursuance of section 59, the bank shall submit its business into the control of the Authority; and shall provide the Authority with such facilities as it may require to carry on the business of the bank.

Where the Authority has assumed control of the business of a bank in pursuance of section 59, the Authority shall remain in control of, and continue to carry on the business of, that bank in the name and on behalf of the bank until such time as it is satisfied that —

Where the Authority has assumed control of the business of a bank in pursuance of section 59 or has ceased to control the business of such a bank in pursuance of this section, it shall provide public notification of that fact in the Gazette and such newspaper as the Authority considers appropriate.

A bank which fails to comply with subsection (1) or with any requirement of the Authority thereunder is guilty of an offence and liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 every day during which the offence continues after conviction.