MiLAWYER

Law library · Sierra Leone · The Banking Act, 2019

Section 77, The Banking Act, 2019

Status not yet checkedThe Banking Act, 2019, Sierra Leone

(1) The Central Bank may impose a moratoriumsuspending some or all payments by a bank in official administration including restrictions on all forms of lending and capital expenditure except payments to central clearing counterparties and to payment settlement and clearing systems. (2) No legal action may be commenced against the bank in official administration without prior written approval of the Central (3) The Central Bank may impose a stay on all legal actions against a bank in official administration, including restrictions on all forms of lending and capital expenditure, except payments to central clearing counterparties and to payment, settlement and clearing systems (4) Where a person is dissatisfied or aggrieved with a decision of the Central Bank the person may petition the Central Bank in writing for a review within 10 days of the decision.

Read the whole lawDownload PDFAsk Tima what this means

Check the current official version before relying on this text. MiLAWYER shares legal information, not legal advice.