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.
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