Section 37
Section 37
Where一
(a)
an Islamic bank informs the Central Bank-
(i)
that it considers that it is likely to become unable to meet its obligations; or
(ii)
that it is about to suspend payment;
(b)
an Islamic bank becomes unable to meet its obligations or suspends payment; or
(c)
after an investigation is made under section 31 or 32 the Central Bank is of the opinion that an Islamic bank—
(i)
is following unsound or improper practices;
(ii)
is likely to become unable to meet its obligations or is about to suspend payment;
(iii)
has contravened or failed to comply with any provision of this Act;
(iv)
has contravened or failed to comply with any condition imposed on its licence; or
(v)
is likely to be carrying on its business in a manner detrimental to the interests of its depositors, the Central Bank, with the concurrence of the Minister, may exercise such one or more powers specified in subsection (2) as it deems to be necessary.
ed with an ection may is he thinks he Central
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; or it is likely is about to he Central payment;
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(2)
Subject to subsection (1), the Central Bank may—
(a)
issue orders to the bank to take such steps as the Central Bank may consider necessary to rectify the matter and the bank shall carry out such orders within such time as may be prescribed by the Central Bank;
(b)
prohibit the bank from extending any further advance, loan or credit facility for such period or periods as may be specified and subject to such exceptions if any and other conditions as the Central Bank may impose;
(c)
remove from office any of its directors or appoint any person as its director;
(d)
appoint a person to advise the bank on the proper conduct of its business;
(e)
assume control of, and carry on, the business of the bank or appoint some other person to assume control of, and carry on, the business of the bank; or
(f)
present a petition to the High Court for the winding up of the bank by the Court.
(3)
Where the Central Bank has appointed a person-
(a)
to be a director of the bank under paragraph (c) of subsection (2);
(b)
to advise the bank on the proper conduct of its business under paragraph (d) of subsection (2); or
(c)
to assume control of, and carry on, the business of the bank under paragraph (e) of subsection (2), the Central Bank may fix the remuneration and expenses to be paid to that person by the bank.