Section 26, The Banking Act, 2019

(1) The Central Bank may withdraw the registrationof a financial holding company where- (a) the financial holding company has failed to comply with any obligation imposed on it by or under this Act; (b) the financial holding company fails to comply with the conditions of its registration; (c) the financial holding company ceases to meet the requirements for registration as a (d) the Central Bank determines that the registration was granted based on false or inaccurate information; (e) the Central Bank determines that the financial holding company is or is likely to be insolvent; or (f) the parent company of the financial holding company loses its authorisation to carry out banking business in its home jurisdiction or proceedings for bankruptcy, insolvency or an arrangement with creditors is initiated. (2) Where the Central Bank intends to withdraw the registration of a financial holding company, the Central Bank shall give notice of its intention to the financial holding company and the financial holding company may within 30 days make representation in its defence to the Central Bank. (3) Where the registration of a financial holding company is withdrawn it shall - (a) require divestiture of any bank controlled by that financial holding company in Sierra Leone and restrict transactions between any bank in the country and the financial holding company, its affiliates and associates; (b) place the financial holding company in official administration or receivership; (c) notify the Deposit Protection Fund of the withdrawal of registration of a financial holding company; and 48 49 Withdrawal of registration by the Central (d) publish details of such withdrawal on its website or any other media as the Central Bank deems appropriate. PART V - CAPITAL AND RESERVES