Section 193

a licensed entity is insolvent or is likely to become unable to meet all or any of its obligations or is about to suspend payment to any extent;

a licensed entity, its principal officer, officer or any other such similar person is carrying on business in a manner the Authority reasonably believes to be detrimental to the interest of its beneficiaries, investors, creditors or any other such similar interested parties;

or

a licensed entity, its principal officer, officer or any other such similar person has contravened any provision of this Act or any other written law for the time being in force, the Authority may—

where applicable, impose new or additional terms, conditions, restrictions or limitations upon the operation of the licensed entity or vary or revoke any which have already been imposed;

require the removal of any of the licensed entity’s principal officers, officers, or any other such similar person by another person approved by the Authority;

Act 704

appoint a person, on behalf of the Authority, to assume control of the affairs of the licensed entity; or

apply to the Court for an order to take such action as the Authority considers necessary to protect the interests of beneficiaries, investors, creditors or any other such similar interested parties of the licensed entity.

The Authority may bring actions and institute proceedings for the enforcement of any provision of this Act or for the recovery of fees or other sums of money payable under this Act or expenses incurred by the Authority in the course of carrying out its obligations under this Act.

Power to compound