18. Replacement of section 45 of the principal enactment

Section 45 of the principal enactment is hereby repealed and the following section substituted therefor :—

45. (1) Where the Director of Bank

Supervision is satisfied that a licensed commercial bank—

is engaged in unsafe and unsound practices in the carrying on of its business which is likely to jeopardise its obligations to its depositors or is likely to result in such bank being unable to meet its obligations; or

has contravened or failed to comply with the provisions of this Act or of any regulation, direction, order or other requirement made or given under this Act or has contravened or failed to comply with any other written law which in the opinion of the Director of Bank

to cease and desist from any such practice, contravention or failure;

to comply with the provisions of this

to take necessary action to correct the conditions resulting from such practice, contravention or failure, within such period as may be specified in the order.

An order issued under subsection (1)

specify the unsafe and unsound practice engaged in or the provisions of this Act or other written law or the regulation, direction, order or other requirement made or given under this Act that are contravened or not complied with;

be served personally on, or be sent by registered post to, the licensed commercial bank;

take effect on the date of its service on the licensed commercial bank, notwithstanding an appeal made under subsection (3), unless the Monetary Board otherwise directs .

Any licensed commercial bank aggrieved by an order issued under subsection (1) may, before the expiration of thirty days of the date of service of the order, appeal to the

Without prejudice to anything contained in section 9, and notwithstanding that an appeal has been tendered to the