Cap. 331 ст. 46BPower of the competent authority to protect the public interest.

(1) Without prejudice to the powers conferred to the competent authority under article 46, the competent authority may, where it is satisfied that sufficient circumstances exist, proceed to take any one or more of the following measures:

(a) require the trustee to take forthwith such steps as the competent authority may consider necessary to rectify or remedy the matter;

(b) appoint a person to advise the trustee in the proper conduct of its business;

(c) appoint a person to take charge of the assets of the trustee, or any portion thereof, for the purposes of safeguarding the interests of the shareholders or any creditors of the trustee as well as any other interested person;

(d) appoint a person to assume control of the business of the trustee either to carry on that business or to carry out such function or functions in respect of such business or part thereof, as the competent authority may direct;

(e) fix the remuneration to be paid by the trustee to any person appointed under this article;

(f) require the trustee to submit a financial recovery plan as may be determined in any rules issued by the Authority, if it considers that the interests of the creditors or other interested persons are likely to be prejudiced owing to a deterioration in the financial position of the trustee;

(g) do such other act or require the doing of such other act as it may deem appropriate in the circumstances;

and having proceeded in any one or more of the manners aforesaid, the competent authority may further proceed in any one or more such manners, whether in addition thereto or in substitution therefor.

(2) Where a person is appointed by the competent authority -

(a) under sub-article (1)(b), it shall be the duty of the trustee to act in accordance with the advice given by such person unless and until the competent authority, on representation made to it, directs otherwise;

(b) under sub-article (1)(c), the trustee shall deliver to such person all the assets of which he is placed in charge, and all the powers, functions and duties of the trustee in respect of those assets, whether exercisable by the trustee or otherwise, shall be exercisable by and vest in the person appointed under the said paragraph to the exclusion of any other person;

(c) under sub-article (1)(d), the trustee shall submit its business to the control of such person and shall provide him with such facilities as he may require the trustee to provide him to carry on that business or to carry out the functions assigned to him under the said paragraph; and all the powers, functions and duties of the trustee, shall be exercisable by and vest in him to the exclusion of any other person.

(3) The competent authority may, where it feels is in the best interest of the public so to do, make or issue public statements or notices giving warnings or information about any action taken in terms of article 46, article 46A and this article.

(4) The competent authority may require the trustee concerned to pay all the expenses of, and incidental to, the publication or issue of public statements or notices pursuant to this article or such part thereof as it may deem appropriate; and any sum so due shall be recoverable by the competent authority in the same manner as an administrative penalty imposed under this Act.

REGULATORY AND INVESTIGATORY POWERS