§ 3 — Power to issue directions to financial institutions

3.—(1) The Authority may, if the Authority thinks it necessary in the public interest, request information from and make recommendations to such financial institutions as the Authority may, from time to time, determine and issue directions for the purpose of securing that effect is given to any such request or recommendation.(2) Before issuing any direction under subsection (1), the financial institution or financial institutions concerned must, unless the Authority in respect of any particular direction decides that it is not practicable or desirable, be given an opportunity to make representations with regard to the proposed direction within such time as the Authority specifies.

(3) Upon receipt of any representations mentioned in subsection (2), the Authority must consider the representations and may —(a)

reject the representations; or

(b)

amend or modify the proposed direction in accordance with the representations, or otherwise,

and in either event, the Authority must thereupon issue a direction in writing to such financial institution or financial institutions (as the case may be) requiring that effect be given to the proposed direction or to the proposed direction as subsequently amended or modified by the Authority within a reasonable time, and the financial institution or financial institutions (as the case may be) must comply with that direction.

(4) A financial institution that fails or refuses to comply with a direction issued under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.

(5) It is not necessary to publish any direction issued under this section in the Gazette.

—(1) The Authority may, if the Authority thinks it necessary in the public interest, request information from and make recommendations to such financial institutions as the Authority may, from time to time, determine and issue directions for the purpose of securing that effect is given to any such request or recommendation.

(2) Before issuing any direction under subsection (1), the financial institution or financial institutions concerned must, unless the Authority in respect of any particular direction decides that it is not practicable or desirable, be given an opportunity to make representations with regard to the proposed direction within such time as the Authority specifies.

(3) Upon receipt of any representations mentioned in subsection (2), the Authority must consider the representations and may —(a)

reject the representations; or

(b)

amend or modify the proposed direction in accordance with the representations, or otherwise,

and in either event, the Authority must thereupon issue a direction in writing to such financial institution or financial institutions (as the case may be) requiring that effect be given to the proposed direction or to the proposed direction as subsequently amended or modified by the Authority within a reasonable time, and the financial institution or financial institutions (as the case may be) must comply with that direction.

(4) A financial institution that fails or refuses to comply with a direction issued under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000.

(5) It is not necessary to publish any direction issued under this section in the Gazette.