Clause 17

by deleting the words “and all the exposures of the bank to” in subsection (1) and substituting the words “, all the exposures of the bank to, and all the transactions of the bank with”;

by deleting the words “or exposures” in subsection (1)(i) and substituting the words “, exposures or transactions”;

by deleting subsection (3) and substituting the following subsections:“(3) If it appears to the Authority, whether from a statement submitted under subsection (2)(c) or otherwise, that any credit facility from, any exposure of the bank to, or any transaction of a bank with, any person referred to in subsection (1) is detrimental to the interests of the depositors of the bank, the Authority may by notice in writing to the bank do one or more of the following:

direct the bank to do any of the following within such time and to such extent as may be specified in the notice:

secure repayment of the credit facility;

reduce or eliminate the exposure;

terminate the transaction;

prohibit the bank from granting any new credit facility, creating any new exposure, or entering into any new transaction to or with the person;

impose such restrictions as the Authority considers appropriate on the grant of any new credit facility, the creation of any new exposure, or the entering into of any new transaction to or with the person.(3A) A bank which fails to comply with a notice under subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.”;

by deleting the full-stop at the end of the definition of “substantial shareholder group” in subsection (4) and substituting a semi-colon, and by inserting immediately thereafter the following definition:“ “transaction” has the meaning given to it in the Fifth Schedule.”; and

by deleting the section heading and substituting the following section heading:“Information on exposures, etc., and actions if exposures, etc., detrimental to depositors’ interests”.