Section 69, The Banking Act, 2019

(1) Where in the opinion of the Central Bank, a bank orfinancial holding company is failing or likely to fail, the Central Bank may make an order in writing placing a bank or financial holding company in resolution and notify the bank or financial holding company accordingly. (2) An order made by the Central Bank under subsection (1) shall be published in the Gazette. (3) In making a decision to place a bank or financial holding company in resolution under subsection (1) the Central Bank shall consider whether - (a) the bank or financial holding company has violated this Act or any regulation, rule, directive or guideline issued under this Act, or has engaged in any unsafe and unsound practices, in such a manner as to weaken the condition of the bank or financial holding company and seriously jeopardise depositors'interests or dissipate the bank's or financial holding company's assets; (b) prompt corrective action for an undercapitalised bank or financial holding company under sections 66 and 67 has failed; (c) a bank or financial holding company has become insolvent or that it may reasonably be expected to become insolvent within the next 60 days; (d) there is reasonable cause to believe that the directors, key management personnel, or significant shareholders of a bank or financial holding company has engaged or is engaging in illegal activities in such a manner as to jeopardise depositors' interests; (e) a bank or financial holding company is in an unsafe or unsound condition to transact business and the directors or key management personnel of a bank or financial holding company are unable to promptly improve its condition; (f) a bank or financial holding company has failed, in any manner, to cooperate with the Central Bank or its examiners to perform its supervisory responsibilities, including concealment or failure to submit for inspection any of the bank's or financial holding company's books, papers or records; (g) the directors, key management personnel, employees, or significant shareholders of a bank or financial holding company has failed to comply with an order of the Central Bank under sections 62, 64 or 65.