Section 17, The Banking Act, 1964

If in the opinion of the Minister an examination pursuant to sections 14 or 15 shows that the bank concerned is carryingon its business in a manner detrimental to the interests of its de- after positors or has insufficient assets to cOver its liabilities to the public examinaor is contravening any provisions of this Act the Minister may on tion. the recommendation of the Central Bank (a) appoint a person who in his opinion has had propertraining and experience to advise the bank on the steps to be taken to rectify the matter, and shall fix his remuneration which shall be paid by the bank: or (b) cancel the licence granted under subsection (1) ofsection 3: Provided th¡t such licence shall not be cancelled (i) without giving the bank reasonable prior notice ofthe intention to do so and an opportunity of submitt1ng a written statement in reply; A 163 (ii) if the Minister is satisfied that the bank is tsiiadequate measures to rectify the matter. Minister's powers