Section 80

The Minister may, on the recommendation of the Bank, if he considers it to be in the interest of the depositors of a licensed institution receiving, taking or accepting deposits, by order published in the Gazette-

prohibit the institution from carrying on all its licensed business, or such part of it as may be set out in the order;

prohibit the institution from doing or performing any act or function connected with all its licensed business or any part of it as may be set out in the order;

authorise the Bank to apply to the High Court for an order staying for a period not exceeding six months the commencement or continuance of all, or any class, category or description of, actions and proceedings of a civil nature by or against the institution with respect to all business, or any class, category or description of business, of the institution;

suspend the licence granted to the institution under this Act to such extent and for such period as may be necessary to give effect to the prohibitions under paragraph (a) or (b); or

provide for all such matters of an incidental, ancillary or consequential nature, or for which it may be otherwise necessary or expedient to provide, in order to give effect to the matters under the foregoing paragraphs, including provisions for the taking into the custody or control of the Bank of property, books, documents or effects of the institution.

An order under subsection (1) may, from time to time, be modified, amended, altered, varied or replaced either prospectively, or where it is not impracticable or unjust to do so, retrospectively, by a further order under subsection (1).

An order under subsection (1) shall not be made unless the institution has been given a reasonable opportunity of making representations against, or in relation to, the proposed order, provided that where any delay would be detrimental to the interests of the depositors, the order may be made first, and the opportunity to make representations shall be given immediately after the order has been made, and in consequence of such representations, the order may, on the recommendation of the Bank, either be confirmed, or be modified, amended, varied, altered, or replaced under subsection (2), or be revoked under subsection (4), by the Minister.

An order made under subsection (1), or by virtue of subsection (2), may at any time be revoked by the Minister by an order made on the recommendation of the Bank, and any such order may contain all such orders, directions or provisions of an incidental, ancillary or consequential nature as may be deemed necessary by the Minister.