Section 42, THE BANK OF SIERRA LEONE ACT 2019

(1) Where in the audited annual financial statements ofthe Bank, the value of its assets falls below the sum of its liabilities, its unimpaired authorised capital and general reserves, then- (a) the Board, on the advice of the external auditors of the Bank, shall assess the situation and prepare a report on the causes and extent of the shortfall within a period of not more than 30 days; (b) if the Board approves the report, the Bank shall request the Minister for a capital contribution by the Government to remedy the deficit; and (c) upon receipt of the request the Minister shall, within a period of not more than 30 calendar days, transfer to the Bank the necessary amount in currency or in negotiable debt instruments with a specified maturity issued at market- related interest rates, as determined by the Board. 22 23 Reserve accounts. Profits, losses and distributable earnings. Allocation of distributable earnings Coverage of shortfall in capital. PART VII-PAYMENTS, SUPERVISION AND STATISTICS