Clause 54

by deleting paragraphs (b) and (c) and substituting the following paragraphs:“(b)any remuneration and expenses payable by the bank to —

an auditor appointed under section 44A(3);

a statutory adviser appointed under section 49;

a statutory manager appointed under section 49;

the Authority or any person employed or authorised by the Authority under section 3 in relation to the Authority assuming control of any business of the bank under section 49; and

any person appointed to perform any independent assessment under Part VIIA; and

any financial penalty payable by the bank under this Act.”; and

by renumbering the section as subsection (1) of that section, and by inserting immediately thereafter the following subsections:“(2) Any remuneration and expenses payable by a licensee defined in section 56 to an auditor appointed under section 57F(5) shall be recoverable as a civil debt due to the Authority from the licensee.(3) Notwithstanding any provision in the Limitation Act (Cap. 163), an action to recover any financial penalty recoverable by virtue of this section shall not be brought after the expiration of 3 years from the date on which the cause of action accrued.”.