Section 59, The Banking Act, 2019

(1) The Central Bank may after examining a bank orfinancial holding company's comments under section 58 undertake resolvability assessments and draw up ex-ante resolution plans that should require the bank or financial holding company to take remedial action as the Central Bank may specify, including submitting a recovery plan in line with the criteria set by prudential guidelines issued by the Central Bank under this Act. (2) Where a bank or financial holding company fails to take remedial action as specified by the Central Bank under subsection (1), every Director of the Board of the bank or financial holding company is liable to an administrative penalty. (3) A Director shall not be liable to an administrative penalty under subsection (2) if he proves that the contravention was committed without his consent or connivance or that he exercised all due diligence to prevent the contravention having regard to all the circumstances.