Section 51
Appeal against monetary penalty
ActIn forceProvision 51 of 70
Section 51
(1)
Any person who is aggrieved by a decision of the
Bank under subsection 50(3) in respect of an action taken under paragraph 48(1)(c) may, within twenty one days after the person has been notified of the decision of the Bank, make an appeal by filing a notice to the Monetary Penalty Review Committee.
(2)
The decision of the Bank under subsection 50(3) in respect of an action taken under paragraph 48(1)(c) shall not take effect until the appeal is disposed of.
(3)
The Monetary Penalty Review Committee may decide to confirm the decision of the Bank or require the Bank to reconsider and reach a decision in accordance with the findings of the Committee.