Section 42
ActIn forceProvision 43 of 64
Section 42
(1)
Where the Central Bank has assumed control or has appointed another person to assume control of the business of a licensed bank in pursuance of paragraph (e) of subsection (2) of section 39, the licensed bank shall submit its business to the control of the Central Bank or to that person and shall provide the Central Bank with such facilities as the Central Bank requires to carry on the business of that bank.
(2)
Any licensed bank which fails to comply with subsection (1) or with any requirement of the Central Bank thereunder shall be guilty of an offence and shall on conviction be liable to a fine not exceeding one thousand dollars for every day during which the default continues.