Section 119
Additional provisions relating to paragraph 116(3)(e)
of Financial Services Act 2013
(1)
A direction issued pursuant to paragraph 116(3)(e) may direct the financial holding company to issue shares or other capital instruments of a kind specified in the direction.
(2)
Where the financial holding company issues shares or other capital instruments in compliance with a direction pursuant to subsection (1), the financial holding company shall give a notice in writing to the members of the financial holding company, to subscribe to the shares or other capital instruments within the period specified in the notice.
(3)
Where a member of the financial holding company does not subscribe to the shares or other capital instruments within the period specified in the notice given by the financial holding company pursuant to subsection (2), the Bank may issue a further direction pursuant to subsection 116(2) to the financial holding company requiring the financial holding company to allot the shares or other capital instruments to a person determined by the Bank.