INSERT INTO `actsofghana` (`id`, `title`, `content`, `republic`, `isshow`, `actname`) VALUES
(139, 'BANKING ACT, 2004 (ACT 673)', '<table>\r\n<tr>\r\n                                            <td vAlign="top" align="left" width="1329" height="64">\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">&nbsp;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: center">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              BANKING ACT, 2004 (ACT 673)</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">&nbsp;</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              ARRANGEMENT OF SECTIONS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              Section</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART I&#8212;PRELIMINARY MATTERS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              1. Application of the Companies \r\n                                              Code</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              2. Functions of the Bank of Ghana</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART II&#8212;LICENSING OF BANKS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              3. Eligibility Restricted to \r\n                                              Ghanaian Corporate Bodies</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              4. Banking Licence Mandatory</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              5. Application for Licence</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              6. Provisional Approval</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              7. Invitation to Public to \r\n                                              Subscribe to Shares</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              8. Final Approval and Issue of \r\n                                              Banking Licence</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              9. Refusal of Licence</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              10. Time limit for Decision on \r\n                                              Application for Banking Licence</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              11. Permissible Activities of \r\n                                              Banks</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              12. Restrictions on Commercial, \r\n                                              Agricultural or Industrial \r\n                                              Activities and Immovable Property</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              13. Grounds for Revoking Licence</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              14. Revocation Procedure</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              15. Moratorium Due to Revocation \r\n                                              of Licence</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              16. Sanctions for unauthorised \r\n                                              Banking</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              17. Use of Word ''Bank''</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              18. Inspection of Suspected \r\n                                              Institutions doing Banking Without \r\n                                              Licence</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              19. Display of Banking Licence</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              20. Places of Business to be \r\n                                              Licensed</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              21. Opening of Representative \r\n                                              Office</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              22. Changes of Regulations of \r\n                                              Banks</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART III&#8212;CAPITAL AND RESERVES</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              23. Capital Adequacy</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              24. Additional Capital in Respect \r\n                                              of Special Risks</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              25. Capital Adequacy on \r\n                                              Consolidated Basis</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              26. Notifying Non-compliance with \r\n                                              Capital Requirement</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              27. Penalties for Non-compliance \r\n                                              with Capital Requirements</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              28. Persistent Capital Ratio \r\n                                              Deficiency</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              29. Transfer of Profits to Reserve \r\n                                              Fund</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              30. Restrictions on Declaration of \r\n                                              Dividend</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART IV&#8212;LIQUIDITY</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              31. Maintenance of Liquid Assets</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              32. Notification of Non-compliance \r\n                                              with Minimum Liquidity \r\n                                              Requirements</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              33. Penalties for Non-compliance \r\n                                              with Liquidity Requirements</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART V&#8212;OWNERSHIP AND CONTROL</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              34.Transfer of Shares Affecting \r\n                                              Significant Shareholdings</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              35. Disapproval of Transfer of \r\n                                              Shares</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              36. Prohibition of Transfers of, \r\n                                              and Changes in, the Controlling \r\n                                              Interests </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              37. Penalties for Non-compliance</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              38. Disqualification of Directors, \r\n                                              Officers or Employees</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              39. Disclosure of Interest</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              40. Intervention of the Bank of \r\n                                              Ghana in Appointments</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART VI&#8212;RESTRICTIONS ON LENDING \r\n                                              AND INVESTMENTS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              41. Prohibition of Advances \r\n                                              Against Security of Own Shares</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              42. Limits on Exposures</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              43. Restrictions on Exposure</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              44. Restrictions on Lending to \r\n                                              Staff</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              45. Requirements for Lending to \r\n                                              Related Parties</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              46. Restrictions on Establishment \r\n                                              of Subsidiary Company</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              47. Limits on Investment in \r\n                                              Respect of Subsidiary Companies</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              48. Limits on Investment in \r\n                                              Respect of Other Institutions</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              49. Reporting of Large Exposures</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              50. Powers to Vary the Prudential \r\n                                              Limits</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART VII&#8212;POWERS OF SUPERVISION AND \r\n                                              CONTROL </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              51. Regulations</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              52. Directives</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              53. Information and Periodic \r\n                                              Returns</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              54. On-site examination</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              55. Investigation or Scrutiny</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              56. Power of On-site Examiners</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              57. Taking Custody of Records</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              58. Verification of Information</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              59. On-site examination Reports</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              60. Follow-up Action on On-site \r\n                                              Examination Reports</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              61. Banks to Co-operate with \r\n                                              Conservator</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              62. Mandatory Revocation of \r\n                                              Banking Licence</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              63. Hearing of Banks in Matters \r\n                                              Relating to Revocation of Licence</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              64. Issue of Final Orders after \r\n                                              Examining a Bank</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              65. Moratorium</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              66. Appeal to Minister Against \r\n                                              Orders of Bank of Ghana</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              67. Ceasing of Operations \r\n                                              following Revocation of Licence</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              68. Winding up of Bank and \r\n                                              Appointment of Liquidator</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              69. Voluntary Winding-up</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART VIII&#8212;ACCOUNTS AND AUDIT</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              70. Guidelines on Accounting \r\n                                              Standards and Disclosures in \r\n                                              Balance Sheet and Profit and Loss \r\n                                              Account</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              71. Accounting Records</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              72. Financial Statements</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              73. Audit of Bank''s Accounting \r\n                                              Records</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              74. Appointment of Auditors</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              75. The Bank of Ghana''s Powers to \r\n                                              Appoint Auditors</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              76. Auditor''s Remuneration</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              77. Auditor''s Right to Information</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              78. Auditor''s Report</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              79. Special Audit and Additional \r\n                                              Information</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              80. Termination of Auditor''s \r\n                                              Appointment</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              81. Display of Financial \r\n                                              Statements</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART IX&#8212;MISCELLANEOUS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              82. Prohibition of Floating Charge</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              83. Secrecy of Information</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              84. Secrecy of Customer \r\n                                              Information</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              85. Disclosure by the Bank of \r\n                                              Ghana of Information Relating to \r\n                                              Banks</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              86. Submission of Reports on Trend \r\n                                              and Progress</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              87. Protection for Officials</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              88. Offences and Penalties</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              89. Joinder of Offences</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              90. Interpretation</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              91. Repeal of Banking Law, 1989</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              92. Validity of Existing Licences</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">&nbsp;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">&nbsp;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: center">\r\n                                              <span style="font-family: Arial; font-weight: 700">\r\n                                              THE SIX HUNDRED AND SEVENTY-THIRD</span></p>\r\n                                              <p class="MsoNormal" style="text-align: center">\r\n                                              <b></p>\r\n                                              <p class="MsoNormal" style="text-align: center">\r\n                                              <span style="font-family: Arial; font-weight: 700">\r\n                                              ACT OF THE PARLIAMENT OF THE \r\n                                              REPUBLIC OF GHANA</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              ENTITLED</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              THE BANKING ACT, 2004</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              AN ACT to amend and consolidate \r\n                                              the laws relating to banking, to \r\n                                              regulate institutions which carry \r\n                                              on banking business and to provide \r\n                                              for other related matters.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              DATE OF ASSENT: 29th January, \r\n                                              2004.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              BE IT ENACTED by Parliament as \r\n                                              follows:</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART I&#8212;PRELIMINARY MATTERS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 1&#8212;Application of the \r\n                                              Companies Code</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) This Act shall be in addition \r\n                                              to the Companies Code, 1963 (Act \r\n                                              179) and shall not except as \r\n                                              otherwise provided in this Act \r\n                                              derogate from the provisions of \r\n                                              that Code.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Where there is a conflict or \r\n                                              inconsistency between the \r\n                                              Companies Code and this Act, the \r\n                                              provisions of this Act shall \r\n                                              prevail.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 2&#8212;Functions of the Bank of \r\n                                              Ghana</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank of Ghana shall have \r\n                                              an overall supervisory and \r\n                                              regulatory authority in all \r\n                                              matters relating to banking \r\n                                              business and shall be responsible \r\n                                              for</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) promoting an effective banking \r\n                                              system;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) dealing with any unlawful or \r\n                                              improper practices of banks, and\r\n                                              </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) considering and proposing \r\n                                              reforms of the laws relating to \r\n                                              banking business.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Bank of Ghana shall \r\n                                              establish within its Organisation, \r\n                                              a Banking Supervision Department.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The Bank of Ghana may \r\n                                              authorise the Head of the Banking \r\n                                              Supervision Department or any \r\n                                              other official or person to \r\n                                              exercise a power and do an act \r\n                                              that it considers appropriate in \r\n                                              order to discharge its \r\n                                              responsibilities under this Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) The Bank of Ghana may, in \r\n                                              relation to the operation of a \r\n                                              bank, authorise any other person \r\n                                              either generally or in respect of \r\n                                              a particular matter, to perform a \r\n                                              function that otherwise would be \r\n                                              performed by the Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART II&#8212;LICENSING OF BANKS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 3&#8212;Eligibility Restricted \r\n                                              to Ghanaian Corporate Bodies</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              No person other than a body \r\n                                              corporate incorporated in Ghana \r\n                                              shall carry on the business of \r\n                                              banking in Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 4&#8212;Banking Licence \r\n                                              Mandatory</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) No person shall carry on the \r\n                                              business of banking except by or \r\n                                              under the authority of a licence \r\n                                              issued in accordance with this \r\n                                              Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A person who carries on \r\n                                              banking business without a licence \r\n                                              commits an offence and is liable \r\n                                              on summary conviction</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) in the case of a body \r\n                                              corporate or other body of persons \r\n                                              to a fine not exceeding three \r\n                                              thousand penalty units; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) in the case of an individual \r\n                                              to a fine not exceeding three \r\n                                              thousand penalty units or to a \r\n                                              term of imprisonment not exceeding \r\n                                              ten years.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 5&#8212;Application for Licence</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) An application for a licence \r\n                                              shall be made in writing to the \r\n                                              Bank of Ghana and shall be \r\n                                              accompanied with</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a)&nbsp; a certified true copy of the \r\n                                              Regulations or other instrument \r\n                                              relating to the proposed bank or \r\n                                              under which a person proposing to \r\n                                              carry on banking business was \r\n                                              established;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) the names, addresses, and \r\n                                              occupations of persons including \r\n                                              their corporate affiliations who \r\n                                              will hold significant \r\n                                              shareholdings, directly or \r\n                                              indirectly, in the proposed \r\n                                              banking business and the \r\n                                              respective values of the share \r\n                                              holdings and their certified \r\n                                              financial positions;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) the particulars of the \r\n                                              directors or key management \r\n                                              personnel concerned with the \r\n                                              management of the banking \r\n                                              business, including their \r\n                                              background, certified financial \r\n                                              position, business interests and \r\n                                              performance of the business \r\n                                              concerns under their control or \r\n                                              management;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) the feasibility reports \r\n                                              including a business plan and \r\n                                              financial projections for the \r\n                                              first five years and areas of \r\n                                              specialisation intended;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e) documentary evidence of the \r\n                                              capital, their sources and other \r\n                                              sources of funds; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (f) any other particulars that the \r\n                                              Bank may require.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Bank of Ghana may \r\n                                              interview the promoter, directors \r\n                                              and proposed senior management \r\n                                              personnel in the course of an \r\n                                              appraisal and may also inspect \r\n                                              their books and records to satisfy \r\n                                              itself about the representations \r\n                                              made or information furnished by \r\n                                              the applicant.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 6&#8212;Provisional Approval</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank of Ghana may issue a \r\n                                              provisional approval to the \r\n                                              applicant on the terms and \r\n                                              conditions that it considers \r\n                                              appropriate, if it is satisfied \r\n                                              that</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) the applicant will carry on \r\n                                              banking business with integrity, \r\n                                              prudence and the required \r\n                                              professional competence; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) the applicant has an initial \r\n                                              paid-up capital that is required \r\n                                              to hold a licence which in the \r\n                                              case of a</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">(i) \r\n                                              Ghanaian bank, is not less than \r\n                                              five billion cedis; or </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (ii) foreign bank, is not less \r\n                                              than eight billion cedis, of which \r\n                                              not less than sixty per cent shall \r\n                                              be brought into Ghana in \r\n                                              convertible currency;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (iii) development bank for medium \r\n                                              or long term financing is not less \r\n                                              than ten billion cedis; or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (iv) rural bank, is not less than \r\n                                              one hundred million cedis. </span>\r\n                                              </p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Bank of Ghana may by \r\n                                              notice published in the Gazette, \r\n                                              alter the capital requirements, as \r\n                                              well as any other pre-licensing \r\n                                              requirements.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 7&#8212;Invitation to Public to \r\n                                              Subscribe to Shares</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The applicant shall not invite \r\n                                              capital through public issue of \r\n                                              shares for the purpose of the \r\n                                              proposed banking business unless \r\n                                              the provisional approval is given \r\n                                              in accordance with section 6.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) An applicant who contravenes a \r\n                                              provision of subsection (1) \r\n                                              commits an offence and is liable \r\n                                              on summary conviction to a fine \r\n                                              not exceeding 1500 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 8&#8212;Final Approval and Issue \r\n                                              of Banking Licence</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank of Ghana shall issue to \r\n                                              the applicant a final approval and \r\n                                              a licence to carry on banking \r\n                                              business, after the Bank of Ghana \r\n                                              is satisfied</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) with the organisational and \r\n                                              infrastructural arrangements made \r\n                                              by the applicant, and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) that the applicant has \r\n                                              complied with the terms and \r\n                                              conditions stipulated in the \r\n                                              provisional approval.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 9&#8212;Refusal of Licence</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank of Ghana may refuse \r\n                                              an application for licence to \r\n                                              carry on banking business if the \r\n                                              Bank of Ghana is not satisfied \r\n                                              with the merits of the application \r\n                                              or in view of prevailing \r\n                                              conditions in the banking sector \r\n                                              or in keeping with its banking \r\n                                              policy.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Bank of Ghana may give \r\n                                              reasons for the refusal of an \r\n                                              application. </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A person whose application is \r\n                                              refused, may petition the Minister \r\n                                              in writing. </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) The Minister shall refer the \r\n                                              matter to a panel.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) The panel shall consist of \r\n                                              three experts, one chosen by the \r\n                                              Bank and two by the Minister.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (6) The panel shall prepare a \r\n                                              report which shall be submitted to \r\n                                              the Minister for his decision.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 10&#8212;Time Limit for Decision \r\n                                              on Application for Banking Licence</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank of Ghana shall \r\n                                              communicate its decision on an \r\n                                              application for a banking business \r\n                                              licence within three months from \r\n                                              the date of receipt of complete \r\n                                              information.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 11&#8212;Permissible Activities \r\n                                              of Banks</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank shall not carry on any \r\n                                              business other than any of the \r\n                                              following:</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a)&nbsp; acceptance of deposits and \r\n                                              other repayable funds from the \r\n                                              public; </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b)&nbsp; lending;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c)&nbsp; financial leasing;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d)&nbsp; Investment in financial \r\n                                              securities;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e)&nbsp; money transmission services;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (f)&nbsp; issuing and administering \r\n                                              means of payment including credit \r\n                                              cards, travellers cheques and \r\n                                              bankers'' drafts;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (g)&nbsp; guarantees and commitments;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (h)&nbsp; trading for own account or \r\n                                              for account of customers in,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">(i) \r\n                                              money market instruments,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (ii) foreign exchange, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (iii) transferable securities,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">(i)&nbsp; \r\n                                              participation in securities issues \r\n                                              and provision of services related \r\n                                              to those issues;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (j)&nbsp; advice to undertakings on \r\n                                              capital structure, acquisition and \r\n                                              merger of undertaking;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (k)&nbsp; portfolio management and \r\n                                              advice;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (l) &nbsp;&nbsp;the keeping and \r\n                                              administration of securities;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (m) credit reference services;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (n)&nbsp; safe custody of valuables;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (o)&nbsp; electronic banking; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (p)&nbsp; any other services as the \r\n                                              Bank of Ghana may determine.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Bank of Ghana may, by \r\n                                              notification, restrict the \r\n                                              permissible activities of banks in \r\n                                              general or a class of banks or an \r\n                                              individual bank or remove the \r\n                                              restriction so imposed as it \r\n                                              considers appropriate.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 12&#8212;Restrictions on \r\n                                              Commercial, Agricultural or \r\n                                              Industrial Activities and \r\n                                              Immovable Property</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) Subject to subsections (2), \r\n                                              (3) and (4), a bank shall not \r\n                                              directly engage in any commercial, \r\n                                              agricultural or industrial \r\n                                              undertaking unless it establishes \r\n                                              for that purpose a subsidiary \r\n                                              company of the bank registered in \r\n                                              Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The equity capital invested in \r\n                                              a subsidiary company by the bank \r\n                                              shall not exceed fifteen per cent \r\n                                              of the net worth of the bank and \r\n                                              where the bank has more than one \r\n                                              subsidiary company the equity \r\n                                              capital invested in those \r\n                                              subsidiary companies by the bank \r\n                                              shall not exceed in the aggregate \r\n                                              twenty-five per cent of the net \r\n                                              worth of the bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The aggregate amount of any \r\n                                              loan, advance, credit or other \r\n                                              facility and equity capital which \r\n                                              a bank may grant and invest under \r\n                                              subsection (2) shall not at any \r\n                                              one time exceed</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a)&nbsp; twenty-five percent of the \r\n                                              net worth of the bank, in the case \r\n                                              where the bank owns one subsidiary \r\n                                              company; or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) thirty-five percent of the net \r\n                                              worth of the bank, in the case \r\n                                              where the bank owns more than one \r\n                                              subsidiary company.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) A bank shall not build, \r\n                                              purchase or take a lease of \r\n                                              immovable property except</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) for the provision of premises \r\n                                              or housing the business or staff \r\n                                              of the bank; or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) for the provision of amenities \r\n                                              for its staff.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) Notwithstanding anything in \r\n                                              this section, a bank may accept \r\n                                              immovable property as security for \r\n                                              any debt or other liability and \r\n                                              may acquire an interest which a \r\n                                              bank may lawfully acquire in the \r\n                                              satisfaction of a debt due to it.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (6) An interest acquired under \r\n                                              subsection (5) shall be disposed \r\n                                              of by the bank within one year \r\n                                              after the acquisition or within a \r\n                                              longer period that may be \r\n                                              determined by the Bank of Ghana on \r\n                                              application made by the bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (7) This section does not prevent \r\n                                              a bank from letting or subletting \r\n                                              a part of immovable property which \r\n                                              is ordinarily used for housing its \r\n                                              business where the property is in \r\n                                              excess of the immediate \r\n                                              requirements of the bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (8) A bank which contravenes a \r\n                                              provision of this section commits \r\n                                              an offence and is liable on \r\n                                              summary conviction to a fine not \r\n                                              exceeding 1500 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 13&#8212;Grounds for Revoking \r\n                                              Licence</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank of Ghana may revoke a \r\n                                              licence granted to a bank under \r\n                                              section 8, if it is satisfied that</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) it has, in connection with the \r\n                                              application for the licence, been \r\n                                              provided with false, misleading or \r\n                                              inaccurate information by or on \r\n                                              behalf of the applicant bank or \r\n                                              that material information has been \r\n                                              suppressed, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) the bank has failed to fulfill \r\n                                              or comply with the terms and \r\n                                              conditions stipulated in the \r\n                                              licence, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) the bank has failed to \r\n                                              commence business within one year \r\n                                              from the date the licence was \r\n                                              issued.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The power to revoke a licence \r\n                                              in terms of subsection (1) are in \r\n                                              addition to and without prejudice \r\n                                              to the powers given under section \r\n                                              63 to revoke a licence or take any \r\n                                              other penal action under this Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 14&#8212;Revocation Procedure</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) Where the Bank of Ghana \r\n                                              proposes to revoke the licence of \r\n                                              a bank, it shall give notice in \r\n                                              writing to the bank, specifying \r\n                                              the proposed action and the \r\n                                              grounds on which the action is \r\n                                              proposed and give the bank an \r\n                                              opportunity to make written \r\n                                              representations within thirty days \r\n                                              of service of the notice.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) After the expiry of the notice \r\n                                              period and considering any \r\n                                              representations made by the bank, \r\n                                              the Bank of Ghana may decide \r\n                                              whether to take the proposed \r\n                                              action or not, or take a variant \r\n                                              of the proposed action that it \r\n                                              considers appropriate. </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) Where the Bank of Ghana \r\n                                              revokes the licence of a bank, the \r\n                                              bank shall cease to do banking \r\n                                              business if it has already \r\n                                              commenced banking business and \r\n                                              shall surrender the licence.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 15&#8212;Moratorium Due to \r\n                                              Revocation of Licence</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              Where the Bank of Ghana considers \r\n                                              that a delicensed bank is not in a \r\n                                              position to make orderly and full \r\n                                              payment to its depositors and \r\n                                              creditors, it shall simultaneously \r\n                                              impose a moratorium on payments \r\n                                              under section 66, pending the \r\n                                              winding up, or a decision on the \r\n                                              future set up of the bank or its \r\n                                              appeal.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 16&#8212;Sanctions for \r\n                                              Unauthorised Banking</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">A \r\n                                              person who carries on banking \r\n                                              business without a licence or \r\n                                              contravenes section 17 commits an \r\n                                              offence and is liable on summary \r\n                                              conviction</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) in the case of a body \r\n                                              corporate or other body of persons \r\n                                              to a fine which is equivalent to \r\n                                              the amount of deposits received in \r\n                                              contravention of this Act, and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) in the case of an individual \r\n                                              to a fine which is equivalent to \r\n                                              the amount of deposits received in \r\n                                              contravention of this Act or to a \r\n                                              term of imprisonment not exceeding \r\n                                              five years.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 17&#8212;Use of Word ''Bank''</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A person, other than a bank, \r\n                                              shall not describe itself or \r\n                                              otherwise hold itself out as a \r\n                                              bank, or carry on banking in the \r\n                                              country.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The use of the word &quot;bank&quot; in \r\n                                              the name of an association of \r\n                                              banks or of employees of a bank \r\n                                              formed for the promotion of mutual \r\n                                              interests of its members shall not \r\n                                              be construed as a contravention of \r\n                                              subsection (1).</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 18&#8212;Inspection of Suspected \r\n                                              Institutions doing Banking without \r\n                                              Licence</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank of Ghana may inspect \r\n                                              or cause to be inspected the \r\n                                              records of a person, if it has \r\n                                              reasonable grounds to suspect that \r\n                                              that person is carrying on a form \r\n                                              of banking business without \r\n                                              holding a valid licence issued \r\n                                              under this Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Where the Bank of Ghana, upon \r\n                                              carrying out the inspection, finds \r\n                                              out that there is evidence to \r\n                                              prove that an unauthorised banking \r\n                                              business is carried on, partly or \r\n                                              wholly, the inspecting official \r\n                                              may seize the relevant records to \r\n                                              facilitate prosecution by the \r\n                                              Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 19&#8212;Display of Banking \r\n                                              Licence</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank shall display at its \r\n                                              head office and all its branches \r\n                                              and agencies, copies of the \r\n                                              banking licence for the \r\n                                              information of the public.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A bank which fails to display \r\n                                              at its head office and all of its \r\n                                              branches and agencies copies of \r\n                                              its banking licence shall pay to \r\n                                              the Bank of Ghana a fine of 1000 \r\n                                              penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 20&#8212;Places of Business to \r\n                                              be Licensed</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank shall not carry on \r\n                                              banking business at a place which \r\n                                              is not a place authorised in \r\n                                              accordance with this Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A bank shall not open, close \r\n                                              or relocate</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) a branch,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) an agency,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) a mobilization centre, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) its head office,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              for purposes of carrying on \r\n                                              banking business unless \r\n                                              specifically authorised by the \r\n                                              Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A bank which contravenes a \r\n                                              provision of this section commits \r\n                                              an offence and is liable on \r\n                                              summary conviction to a fine not \r\n                                              exceeding 1000 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 21&#8212;Opening of \r\n                                              Representative Office</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A foreign bank incorporated \r\n                                              abroad shall not setup a \r\n                                              representative office in the \r\n                                              country, unless it has obtained \r\n                                              the prior approval in writing of \r\n                                              the Bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A foreign bank setting up a \r\n                                              representative office shall apply \r\n                                              to the Bank of Ghana with the \r\n                                              information and documents that the \r\n                                              Bank of Ghana may require, \r\n                                              including permission from the \r\n                                              supervisors in the country where \r\n                                              that bank is incorporated.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A representative office \r\n                                              permitted to be setup shall not \r\n                                              transact any form of banking \r\n                                              business in the country.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) A foreign bank which does not \r\n                                              comply with this section commits \r\n                                              an offence and is liable on \r\n                                              summary conviction to a fine not \r\n                                              exceeding 2,000 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 22&#8212;Changes of Regulations \r\n                                              of Banks</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank shall prior to the \r\n                                              making of an amendment to its \r\n                                              regulations or other instrument \r\n                                              under which it was established, \r\n                                              furnish to the Bank of Ghana \r\n                                              particulars of the proposed \r\n                                              amendment for approval.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The bank shall file with the \r\n                                              Bank of Ghana, a certified copy of \r\n                                              the amendment within one month \r\n                                              after it has been effected.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A bank which contravenes this \r\n                                              section shall pay to the Bank of \r\n                                              Ghana a fine not exceeding 2500 \r\n                                              penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART III&#8212;CAPITAL AND RESERVES</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 23&#8212;Capital Adequacy</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank shall at all times \r\n                                              while in operation maintain a \r\n                                              minimum capital adequacy ratio of \r\n                                              ten per cent</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Bank of Ghana may by \r\n                                              directives prescribe a higher \r\n                                              capital adequacy ratio with \r\n                                              respect to a particular bank or \r\n                                              all banks for the period that the \r\n                                              Bank may prescribe.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The capital adequacy ratio \r\n                                              shall be measured as a percentage \r\n                                              of the adjusted capital base of \r\n                                              the bank to its adjusted asset \r\n                                              base in accordance with \r\n                                              Regulations made by the Bank of \r\n                                              Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 24&#8212;Additional Capital in \r\n                                              Respect of Special Risks</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank of Ghana may require a \r\n                                              bank to maintain additional \r\n                                              capital backing as it may consider \r\n                                              appropriate in respect of specific \r\n                                              concentration of risks.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 25&#8212;Capital Adequacy on \r\n                                              Consolidated Basis</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank of Ghana may require a \r\n                                              bank which has a subsidiary to \r\n                                              calculate and maintain the minimum \r\n                                              capital adequacy ratio on a \r\n                                              consolidated basis.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 26&#8212;Notifying \r\n                                              Non-compliance with Capital \r\n                                              Requirements</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) Where a bank falls to comply \r\n                                              with the prescribed minimum \r\n                                              capital adequacy ratio, the bank \r\n                                              shall promptly notify the Bank of \r\n                                              Ghana of the non-compliance and \r\n                                              provide the Bank with the \r\n                                              particulars of that non-compliance \r\n                                              that the Bank may require.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A bank which fails to notify \r\n                                              the Bank of Ghana as required \r\n                                              under subsection (1) commits an \r\n                                              offence and is liable on summary \r\n                                              conviction to a fine not exceeding \r\n                                              1000 penalty unit.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 27&#8212;Penalties for \r\n                                              Non-compliance with Capital \r\n                                              Requirements</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank which fails to maintain \r\n                                              the level of capital adequacy \r\n                                              ratio determined under section 23 \r\n                                              is liable to pay to the Bank of \r\n                                              Ghana on each day that the \r\n                                              deficiency continues as penalty \r\n                                              one-half per mille of the \r\n                                              difference between the capital \r\n                                              adequacy ratio that the bank \r\n                                              should have maintained and the \r\n                                              level of capital adequacy actually \r\n                                              maintained by the bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Where the deficiency is not \r\n                                              rectified within one hundred and \r\n                                              twenty days after it has occurred, \r\n                                              the Bank of Ghana may prohibit the \r\n                                              bank from granting loans or \r\n                                              credits or making investments or \r\n                                              accepting deposits.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) Each director and chief \r\n                                              executive officer of a bank which \r\n                                              fails to comply with the minimum \r\n                                              capital adequacy ratio commits an \r\n                                              offence and is liable on summary \r\n                                              conviction to a fine not exceeding \r\n                                              500 penalty units that the Bank of \r\n                                              Ghana may impose.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 28&#8212;Persistent Capital \r\n                                              Ratio Deficiency</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              Where the Bank of Ghana, after \r\n                                              discussion with a bank is of the \r\n                                              opinion that the capital ratio \r\n                                              deficiency will persist, the Bank \r\n                                              of Ghana shall facilitate merger \r\n                                              of the bank with a healthy bank or \r\n                                              wind up or take whatever action \r\n                                              that the Bank of Ghana considers \r\n                                              appropriate.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 29&#8212;Transfer of Profits to \r\n                                              Reserve Fund</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank shall maintain a \r\n                                              Reserve Fund into which shall be \r\n                                              transferred out of the bank''s net \r\n                                              profits for each year, before the \r\n                                              bank declares a dividend and after \r\n                                              it has made provision for any \r\n                                              taxes, the following amounts:</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) where the amount of the bank''s \r\n                                              Reserve Fund is less than fifty \r\n                                              per cent of its paid-up capital, \r\n                                              an amount which is not less than \r\n                                              fifty per cent of the bank''s net \r\n                                              profit for the year;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) where the amount of the bank''s \r\n                                              Reserve Fund is fifty per cent or \r\n                                              more but less than hundred per \r\n                                              cent of its paid up capital, an \r\n                                              amount which is not less than \r\n                                              twenty five per cent of the bank''s \r\n                                              net profit for the year; or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) where the amount of the bank''s \r\n                                              Reserve Fund is equal to one \r\n                                              hundred per cent or more of its \r\n                                              paid-up capital, an amount equal \r\n                                              to twelve and half per cent of the \r\n                                              bank''s net profit for the year.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A bank which fails to maintain \r\n                                              a Reserve Fund in accordance with \r\n                                              subsection (1) commits an offence \r\n                                              and is liable on summary \r\n                                              conviction to a fine not exceeding \r\n                                              1000 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 30&#8212;Restrictions on \r\n                                              Declaration of Dividend</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank shall not declare or \r\n                                              pay dividend on its shares unless \r\n                                              it has,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a)&nbsp; completely written-off all \r\n                                              its capitalised expenditure,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b)&nbsp; made the required provisions \r\n                                              for non-performing loans and other \r\n                                              erosions in assets values,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c)&nbsp; satisfied the minimum capital \r\n                                              adequacy ratio requirement, and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d)&nbsp; completely written-off all \r\n                                              its accumulated operating losses \r\n                                              from its normal operations.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) For the purposes of subsection \r\n                                              (1), &quot;capitalised expenditure&quot; \r\n                                              includes preliminary expenses, \r\n                                              share selling commission, \r\n                                              brokerage losses incurred by the \r\n                                              bank and any other item of \r\n                                              expenditure not represented by \r\n                                              tangible assets.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) Where the payment of dividend \r\n                                              results in withdrawal of a part of \r\n                                              the free reserves due to \r\n                                              inadequacy of the profit for the \r\n                                              year or where the statutory report \r\n                                              of the auditors on the annual \r\n                                              accounts of the bank is not \r\n                                              satisfactory, the bank may declare \r\n                                              a dividend on its shares only \r\n                                              after obtaining the prior approval \r\n                                              in writing of the Bank of Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) Where a bank declares or pays \r\n                                              a dividend in contravention of \r\n                                              subsection (1) each director of \r\n                                              the bank is liable to pay to the \r\n                                              Bank of Ghana a penalty of not \r\n                                              less than 100 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) A director is not liable to \r\n                                              pay the penalty if</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) the contravention was \r\n                                              committed without the director''s \r\n                                              consent or connivance by a person \r\n                                              other than the director,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) the director exercised all due \r\n                                              diligence to prevent the \r\n                                              commission of the contravention \r\n                                              having regard to all the \r\n                                              circumstances.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (6) A bank which contravenes a \r\n                                              provision of this section commits \r\n                                              an offence and is liable on \r\n                                              summary conviction to a fine not \r\n                                              exceeding one thousand penalty \r\n                                              units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART IV&#8212;LIQUIDITY</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 31&#8212;Maintenance of Liquid \r\n                                              Assets</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank of Ghana may \r\n                                              prescribe</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) that a bank shall hold liquid \r\n                                              assets of a specific amount and \r\n                                              composition,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) the amount provided for under \r\n                                              paragraph (a) either as a certain \r\n                                              percentage of all the bank''s \r\n                                              deposit liabilities or in any \r\n                                              other manner, and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) different percentages for \r\n                                              different classes of deposits or \r\n                                              assets, as the Bank of Ghana may \r\n                                              determine in any particular case.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Where a doubt arises as to \r\n                                              whether a particular liability of \r\n                                              a bank is to be regarded as a \r\n                                              deposit, the doubt shall be \r\n                                              resolved by the Bank of Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A bank shall, at a time and in \r\n                                              respect of a period that the Bank \r\n                                              of Ghana may require, submit to \r\n                                              the Bank of Ghana a report on the \r\n                                              liquid assets of the bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) A prescription by the Bank of \r\n                                              Ghana under this section shall be \r\n                                              by notice addressed to the bank \r\n                                              and may be published in the \r\n                                              Gazette.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) A bank which fails to comply \r\n                                              with the requirement under \r\n                                              subsection (3) shall pay to the \r\n                                              Bank of Ghana a fine not exceeding \r\n                                              250 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 32&#8212;Notification of \r\n                                              Non-compliance with Minimum \r\n                                              Liquidity Requirements</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">A \r\n                                              bank which fails to comply with \r\n                                              the required liquidity ratio shall \r\n                                              promptly notify the Bank of Ghana \r\n                                              of the non-compliance and provide \r\n                                              the Bank of Ghana with the \r\n                                              particulars of the&nbsp; \r\n                                              non-compliance.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 33&#8212;Penalties for \r\n                                              Non-compliance with Liquidity \r\n                                              Requirements </span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank which fails to hold \r\n                                              liquid assets in accordance with \r\n                                              section 31 commits an offence and \r\n                                              is liable in addition to any other \r\n                                              penalty to pay interest to the \r\n                                              Bank of Ghana at a rate to be \r\n                                              prescribed by the Bank of Ghana on \r\n                                              the difference between the total \r\n                                              amount of liquid assets which it \r\n                                              is required to hold and the total \r\n                                              amount of liquid assets held by \r\n                                              it, in respect of a period during \r\n                                              which a difference exists.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Bank of Ghana may direct \r\n                                              that during a period specified in \r\n                                              the direction, the bank</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) shall discontinue or limit in \r\n                                              a manner specified, the granting \r\n                                              of credit or the making of \r\n                                              investments or capital \r\n                                              expenditure, and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) shall not distribute dividends \r\n                                              to its shareholders.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A bank which makes a fresh \r\n                                              advance to a person during the \r\n                                              existence of a deficiency in the \r\n                                              amount specified of its liquid \r\n                                              assets without the approval of the \r\n                                              Bank of Ghana shall pay to the \r\n                                              Bank of Ghana a fine not exceeding \r\n                                              500 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              4) A bank which contravenes a \r\n                                              provision of this section shall, \r\n                                              in addition, be liable to pay to \r\n                                              the Bank of Ghana,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) in the case of a contravention \r\n                                              of subsection (1), a penalty in \r\n                                              respect of each day during which \r\n                                              the deficiency continues, of an \r\n                                              amount calculated as one half per \r\n                                              mille of the deficiency which \r\n                                              exists on that day; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) in the case of a contravention \r\n                                              of subsection (3), a fine of not \r\n                                              less than 40 Penalty units for \r\n                                              each day that the contravention \r\n                                              continues.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) The Bank of Ghana may require \r\n                                              a bank operating in the country to \r\n                                              furnish by a specified date \r\n                                              information and in a form that it \r\n                                              may consider appropriate to ensure \r\n                                              compliance with the requirements \r\n                                              of this section. </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (6) A bank which fails to furnish \r\n                                              the information required under \r\n                                              subsection (5) within the period \r\n                                              specified shall pay to the Bank of \r\n                                              Ghana a fine not exceeding 250 \r\n                                              penalty units for each day during \r\n                                              which the default continues.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (7) The Bank of Ghana may also \r\n                                              levy on the directors or chief \r\n                                              executive officer of the \r\n                                              non-compliant bank or both, a \r\n                                              penalty in respect of each day \r\n                                              during which the deficiency \r\n                                              continues of an amount calculated \r\n                                              as one half per mille of the \r\n                                              deficiency which exists on that \r\n                                              day or any other amounts that the \r\n                                              Bank of Ghana may consider \r\n                                              appropriate.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART V&#8212;OWNERSHIP AND CONTROL</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 34&#8212;Transfer of Shares \r\n                                              Affecting Significant \r\n                                              Shareholdings</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">A \r\n                                              person</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) shall not acquire, directly or \r\n                                              indirectly, shares in a bank \r\n                                              which, together with existing \r\n                                              direct or indirect holdings of \r\n                                              that person, constitute a \r\n                                              significant shareholding, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) who has a significant \r\n                                              shareholding, directly or \r\n                                              indirectly, in a bank, shall not \r\n                                              sell or dispose of shares in the \r\n                                              bank to any other person whether \r\n                                              or not by virtue of the sale or \r\n                                              disposal that person ceases to \r\n                                              have significant shareholding in \r\n                                              the bank,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              unless the Bank of Ghana is \r\n                                              notified within three months by \r\n                                              that bank of the acquisition or \r\n                                              disposal and that bank obtains the \r\n                                              prior approval in writing of the \r\n                                              Bank of Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 35&#8212;Disapproval of Transfer \r\n                                              of Shares</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank of Ghana may disapprove a \r\n                                              proposed transfer of shares in the \r\n                                              interest of sound and prudent \r\n                                              management of a bank by preventing\r\n                                              </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) the acquisition by a person \r\n                                              who, in the opinion of the Bank of \r\n                                              Ghana, may exercise influence to \r\n                                              the detriment of that bank,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) the sale or disposal of shares \r\n                                              by a promoter or a director, or a \r\n                                              person who has a controlling \r\n                                              interest which could be \r\n                                              detrimental to that bank, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) a transaction in any other \r\n                                              situation in which the Bank of \r\n                                              Ghana has reason to believe that \r\n                                              the transaction will be \r\n                                              detrimental to that bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 36&#8212;Prohibition of \r\n                                              Transfers of, and Changes in, the \r\n                                              Controlling Interests</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A person shall not enter into \r\n                                              an agreement or arrangement</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) which will result in a change \r\n                                              in the control of a bank or its \r\n                                              holding company,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) for the sale, disposal or \r\n                                              transfer of the whole or a part of \r\n                                              the business of a bank,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) for the amalgamation or merger \r\n                                              of a bank with any other bank or \r\n                                              institution,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) for the reconstruction of a \r\n                                              bank,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              unless the parties to the \r\n                                              agreement or arrangement have \r\n                                              submitted an application on the \r\n                                              proposed agreement or arrangement \r\n                                              and all other relevant information \r\n                                              and documents for the approval of \r\n                                              the Bank of Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Bank of Ghana may in \r\n                                              writing require the applicants or \r\n                                              any of them or any person who is a \r\n                                              director or manager of any of the \r\n                                              applicants to provide any \r\n                                              additional information or \r\n                                              documents.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) Upon receiving the application \r\n                                              and any other information and \r\n                                              documents in accordance with \r\n                                              subsection (2), the Bank of Ghana \r\n                                              may consider the application and \r\n                                              refuse or approve it.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) Where the application is \r\n                                              approved, it may be made subject \r\n                                              to the modifications, variations \r\n                                              or conditions that the Bank of \r\n                                              Ghana may prescribe.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 37&#8212;Penalties for \r\n                                              Non-compliance</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) Where the Bank of Ghana is \r\n                                              satisfied that a person has \r\n                                              contravened a provision of section \r\n                                              34, 35 or 36, it may by directive</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) annul the transfer, merger, \r\n                                              amalgamation or reconstruction,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) prohibit the exercise of \r\n                                              voting rights in respect of the \r\n                                              shares, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) prohibit the payment of \r\n                                              dividend in respect of the shares, \r\n                                              or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) prohibit the issue of ''bonus \r\n                                              shares'' or ''rights issue'' in \r\n                                              respect of the shares.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A directive issued by the Bank \r\n                                              of Ghana under subsection (1), \r\n                                              shall be in writing and shall be \r\n                                              binding on the parties to the \r\n                                              share transfer and the bank \r\n                                              concerned.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 38&#8212;Disqualification of \r\n                                              Directors, Officers or Employees</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A person shall not be \r\n                                              appointed or elected, or accept \r\n                                              appointment or election, as a \r\n                                              director, chief executive officer \r\n                                              or employee of a bank, if that \r\n                                              person</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) has been declared to be of \r\n                                              unsound mind or is detained as a \r\n                                              criminal lunatic under any law in \r\n                                              force in Ghana,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) has been declared insolvent, \r\n                                              has entered into terms with any \r\n                                              person for payment of that \r\n                                              person''s debt or has suspended \r\n                                              payment of the person''s debt,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) is convicted of an offence \r\n                                              involving fraud, dishonesty or \r\n                                              moral turpitude,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) has been a director or manager \r\n                                              or associated with the management \r\n                                              of an institution which is being \r\n                                              or has been wound up by a court of \r\n                                              competent jurisdiction due to \r\n                                              offences committed under a law or \r\n                                              a bankruptcy,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e)&nbsp; is a director of another \r\n                                              bank, </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (f) is under the age of eighteen \r\n                                              years, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (g) is not, in the opinion of the \r\n                                              Bank of Ghana, a fit and proper \r\n                                              person to be a director.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Where a person is subject to a \r\n                                              disqualification under subsection \r\n                                              (1) that person shall immediately \r\n                                              cease to hold office and the bank \r\n                                              shall immediately terminate the \r\n                                              appointment of that person.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A person who contravenes a \r\n                                              provision of subsection (1) \r\n                                              commits an offence and is liable \r\n                                              on summary conviction to a fine \r\n                                              not exceeding 250 penalty units or \r\n                                              to a term of imprisonment not \r\n                                              exceeding 12 months.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 39&#8212;Disclosure of Interest</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A person shall before assuming \r\n                                              office as a director of a bank, \r\n                                              declare to that bank, that \r\n                                              person''s</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) professional interests or the \r\n                                              offices that person holds as \r\n                                              manager, director, trustee or by \r\n                                              any other designation, and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) investment or business \r\n                                              interests in firms, companies and \r\n                                              institutions, as a significant \r\n                                              shareholder, director, partner, \r\n                                              proprietor or guarantor, with a \r\n                                              view to prevent a conflict of \r\n                                              interest with that person''s duties \r\n                                              or interests as a director of the \r\n                                              bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A director of a bank shall, \r\n                                              during the tenure of office as a \r\n                                              director of the bank, declare to \r\n                                              the board of directors of the \r\n                                              bank, the changes in the \r\n                                              director''s business interests or \r\n                                              holding of offices as and when \r\n                                              they occur.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A director of a bank who has, \r\n                                              directly or indirectly,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) an interest in a proposed \r\n                                              credit facility to be given to a \r\n                                              person by the bank, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) an interest in a transaction \r\n                                              that is proposed to be entered \r\n                                              into with any other person,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              shall immediately declare the \r\n                                              nature and the extent of that \r\n                                              interest to the board of directors \r\n                                              and shall not take part in the \r\n                                              deliberations and the decision of \r\n                                              the board of directors with \r\n                                              respect to that request.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) A declaration under subsection \r\n                                              (3) shall form part of the \r\n                                              proceedings of the meeting of the \r\n                                              board of directors.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) A proposal in which a director \r\n                                              has interest, directly or \r\n                                              indirectly, shall be considered \r\n                                              and decided upon by the board of \r\n                                              directors.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (6) A person who contravenes a \r\n                                              provision of this section ceases \r\n                                              to be a director of the bank and \r\n                                              the participation of that person \r\n                                              in an approval by the board of \r\n                                              directors renders the approval \r\n                                              unenforceable.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 40&#8212;Intervention of the \r\n                                              Bank of Ghana in Appointments</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank shall give prior notice \r\n                                              to the Bank of Ghana before it \r\n                                              appoints a Managing Director or \r\n                                              Deputy Managing Director of the \r\n                                              bank, each of whom shall be \r\n                                              ordinarily resident in the \r\n                                              country.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The managing director shall be \r\n                                              the chief executive of the bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) Where the managing director is \r\n                                              unable to perform the functions of \r\n                                              the chief executive due to \r\n                                              illness, absence from the country \r\n                                              or any other sufficient cause, the \r\n                                              deputy managing director of the \r\n                                              bank shall after notifying the \r\n                                              Bank of Ghana, act as the chief \r\n                                              executive.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) A bank shall promptly notify \r\n                                              the Bank of Ghana of the changes \r\n                                              in the membership of the board of \r\n                                              directors.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) Where the Bank of Ghana \r\n                                              considers that a director is not a \r\n                                              fit and proper person, it shall \r\n                                              direct the removal of the director \r\n                                              after hearing the bank. </span>\r\n                                              </p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (6) A bank which contravenes \r\n                                              subsection (1) or (4) shall pay to \r\n                                              the Bank of Ghana a fine of 1000 \r\n                                              penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART VI&#8212;RESTRICTIONS ON LENDING \r\n                                              AND INVESTMENTS</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 41&#8212;Prohibition of Advances \r\n                                              against Security of Own Shares</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank shall not grant any \r\n                                              advances, loans or credit \r\n                                              facilities including guarantees, \r\n                                              against the security of,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) its own shares,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) the shares of its holding \r\n                                              company,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) the shares of any of its \r\n                                              subsidiaries, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) the shares of any of the \r\n                                              subsidiaries of its holding \r\n                                              company.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A bank which contravenes a \r\n                                              provision of subsection (1) \r\n                                              commits an offence and is liable \r\n                                              on summary conviction to a fine \r\n                                              not exceeding 1000 penalty units</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 42&#8212;Limits on Exposures</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank shall not take \r\n                                              financial exposure in respect of \r\n                                              any one person a group of persons \r\n                                              which constitutes in the aggregate \r\n                                              a liability to the bank amounting \r\n                                              to more than twenty-five per cent \r\n                                              of the net own funds of the bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) For the purposes of subsection \r\n                                              (1), the limits of the aggregate \r\n                                              of unsecured financial exposure \r\n                                              shall not exceed ten per cent of \r\n                                              the bank''s net own funds.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) Subsection (1) does not apply \r\n                                              to transactions between banks and \r\n                                              licensed non-banking financial \r\n                                              institutions except otherwise \r\n                                              specified by the Bank of Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) A bank which assumes financial \r\n                                              exposure in contravention of \r\n                                              subsection (1) shall pay to the \r\n                                              Bank of Ghana a fine of 1000 \r\n                                              penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 43&#8212;Restrictions on \r\n                                              Exposure</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank shall not take \r\n                                              unsecured financial exposure in \r\n                                              respect of any of its </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a)&nbsp; directors or significant \r\n                                              shareholders,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) firms or companies in which a \r\n                                              director or a significant \r\n                                              shareholder is interested as \r\n                                              director, controlling shareholder, \r\n                                              partner, proprietor, employee or \r\n                                              guarantor,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c)&nbsp; holding or subsidiary \r\n                                              companies of the company in which \r\n                                              a director is interested, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) directors'' relatives or \r\n                                              significant shareholders'' \r\n                                              relatives, </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              unless the prior written approval \r\n                                              of the Bank of Ghana is obtained \r\n                                              in respect of that unsecured \r\n                                              exposure.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Where the financial exposure \r\n                                              is on secured basis, the aggregate \r\n                                              liability to the bank in respect \r\n                                              of a director or significant \r\n                                              shareholder or their related \r\n                                              parties, as indicated in \r\n                                              subsection (1), shall not exceed \r\n                                              ten per cent of the bank''s net own \r\n                                              funds.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The board of the bank shall be \r\n                                              the only authority to approve or \r\n                                              sanction any financial exposures \r\n                                              of the bank to any of its \r\n                                              directors or significant \r\n                                              shareholders or related parties \r\n                                              specified in subsections (1) and \r\n                                              (2).</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) The financial exposure of a \r\n                                              bank shall not be written off or \r\n                                              waived fully or partially, without \r\n                                              the sanction of the bank''s board \r\n                                              and the prior approval in writing \r\n                                              of the Bank of Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) A bank which contravenes a \r\n                                              provision of this section shall \r\n                                              pay to the Bank of Ghana a fine of \r\n                                              1000 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (6) For the purposes of this \r\n                                              section &quot;relative&quot; includes \r\n                                              spouse, son, daughter, step son, \r\n                                              step daughter, brother, sister, \r\n                                              father and mother.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 44&#8212;Restrictions on Lending \r\n                                              to Staff</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank shall not grant to any \r\n                                              of its officers and employees any \r\n                                              unsecured advances or credit \r\n                                              facilities, the aggregate amount \r\n                                              of which exceeds two years'' salary \r\n                                              of the officer or employee.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) In the case of advances \r\n                                              granted to an executive officer of \r\n                                              a bank or related parties, the \r\n                                              limitations that are applicable to \r\n                                              directors under subsections (1) to \r\n                                              (5) of section 43 shall apply to \r\n                                              the executive officer.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A bank which grants unsecured \r\n                                              advances or credit facilities in \r\n                                              contravention of subsection (1) is \r\n                                              liable to pay to the Bank of Ghana \r\n                                              a fine of an amount calculated as \r\n                                              one-half per mille of the \r\n                                              over-exposure which exists on that \r\n                                              day and shall in addition be \r\n                                              liable to pay to the Bank of Ghana \r\n                                              a penalty not exceeding 1000 \r\n                                              penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 45&#8212;Requirements for \r\n                                              Lending to Related Parties</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) In considering the approval of \r\n                                              credit facilities to any of its \r\n                                              directors, executive officers or \r\n                                              the persons connected to them, \r\n                                              under sections 43 and 44 (2), a \r\n                                              bank shall satisfy itself that</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) the person to whom the credit \r\n                                              facility is given has credit \r\n                                              worthiness which is not less than \r\n                                              that normally required by the bank \r\n                                              or other persons to whom credit \r\n                                              facilities are given;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) the terms of the credit \r\n                                              facility are not less favourable \r\n                                              to the bank than those normally \r\n                                              offered to other persons; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) the giving of the credit \r\n                                              facility is in the interests of \r\n                                              the bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The credit facility shall be \r\n                                              approved by all other directors of \r\n                                              the bank at a duly constituted \r\n                                              meeting of the directors where not \r\n                                              less than three quarters of all \r\n                                              the directors of the bank are \r\n                                              present and the approval has been \r\n                                              recorded in the minutes of that \r\n                                              meeting.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A bank which contravenes \r\n                                              subsections (1) and (2) shall pay \r\n                                              to the Bank of Ghana a fine not \r\n                                              exceeding 1000 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 46&#8212;Restriction on \r\n                                              Establishment of Subsidiary \r\n                                              Company</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank shall not establish a \r\n                                              subsidiary company without the \r\n                                              prior approval in writing of the \r\n                                              Bank of Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A bank which establishes a \r\n                                              subsidiary company contrary to \r\n                                              subsection (1) commits an offence \r\n                                              and is liable on summary \r\n                                              conviction to a fine not exceeding \r\n                                              1000 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 47&#8212;Limits on Investment in \r\n                                              Respect of Subsidiary Companies</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The equity capital invested by \r\n                                              a bank in its subsidiary company \r\n                                              shall not exceed fifteen per cent \r\n                                              of the net own funds of the bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Where the bank has more than \r\n                                              one subsidiary company, the \r\n                                              aggregate of equity capital \r\n                                              invested in all the subsidiary \r\n                                              companies by the bank shall not \r\n                                              exceed twenty-five per cent of its \r\n                                              net own funds.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The aggregate amount of \r\n                                              financial exposure including the \r\n                                              credit facilities which a bank may \r\n                                              take in respect of its \r\n                                              subsidiaries, shall not exceed</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) twenty-five per cent of the \r\n                                              bank''s net own funds where the \r\n                                              bank has only one subsidiary \r\n                                              company, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) thirty-five per cent of the \r\n                                              bank''s net own funds where the \r\n                                              bank has more than one subsidiary \r\n                                              company.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) A bank which contravenes a \r\n                                              provision of this section commits \r\n                                              an offence and is liable on \r\n                                              summary conviction to a fine not \r\n                                              exceeding 1000 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 48&#8212;Limits on Investment in \r\n                                              Respect of Other Institutions</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank shall not invest or \r\n                                              hold investments in the share \r\n                                              capital of a body corporate or an \r\n                                              institution other than its \r\n                                              subsidiaries, the aggregate amount \r\n                                              of which exceeds ten per cent of \r\n                                              the net own funds of the bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A bank which contravenes \r\n                                              subsection (1) is liable to pay to \r\n                                              the Bank of Ghana a fine not \r\n                                              exceeding 1000 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 49&#8212;Reporting of Large \r\n                                              Exposures</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank shall report to the \r\n                                              Bank of Ghana, the particulars of \r\n                                              each large financial exposure, in \r\n                                              the form and at the intervals, \r\n                                              that the Bank of Ghana may \r\n                                              require.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A bank which fails to comply \r\n                                              with subsection (1) is liable to \r\n                                              pay to the Bank of Ghana a fine \r\n                                              not exceeding 1000 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 50&#8212;Powers to Vary the \r\n                                              Prudential Limits</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank of Ghana may vary any of \r\n                                              the prudential limits that are \r\n                                              prescribed under the various \r\n                                              provisions of Part VI, for all the \r\n                                              banks or a particular bank, for \r\n                                              the period that the Bank of Ghana \r\n                                              thinks fit.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART VII&#8212;POWERS OF SUPERVISION AND \r\n                                              CONTROL</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 51&#8212;Regulations</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Minister may, after \r\n                                              consultation with the Bank of \r\n                                              Ghana, by legislative instrument \r\n                                              make regulations prescribing \r\n                                              anything required or authorised to \r\n                                              be prescribed under this Act or \r\n                                              such regulations as may be \r\n                                              necessary to give full effect to \r\n                                              the provisions of this Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 52&#8212;Directives</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank of Ghana may issue \r\n                                              directives to banks generally or \r\n                                              to a particular bank where the \r\n                                              Bank of Ghana is satisfied that</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) it is necessary to secure the \r\n                                              proper management of a bank \r\n                                              generally,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) it is necessary to prevent the \r\n                                              affairs of a bank being conducted \r\n                                              in a manner detrimental to the \r\n                                              interests of depositors or \r\n                                              prejudicial to the interests of \r\n                                              the bank, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) it is necessary in the \r\n                                              interests of bank policy.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Bank of Ghana may issue \r\n                                              directives providing for:</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) accounting, management \r\n                                              information and internal controls \r\n                                              including, </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">(i) \r\n                                              the accuracy and reliability of \r\n                                              the accounting system in general, \r\n                                              and the completion of the \r\n                                              prudential returns of the banking \r\n                                              supervision department, </span>\r\n                                              </p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (ii) the effectiveness of \r\n                                              management information systems, \r\n                                              and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (iii)&nbsp; the effectiveness and \r\n                                              enforcement of internal controls;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) comments to be made on the \r\n                                              financial accounts of the bank \r\n                                              which shall contain, among others,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">(i) \r\n                                              the financial performance of the \r\n                                              bank during a period under review \r\n                                              including the reliability and \r\n                                              composition of reported earnings, \r\n                                              the breakdown and analysis of \r\n                                              operating costs, the liquidity and \r\n                                              capital adequacy ratios,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (ii) the accounting policies and \r\n                                              valuation criteria applied in the \r\n                                              preparation of the accounts,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (iii) re-classifications and other \r\n                                              adjustments made by the auditors \r\n                                              to the accounts originally \r\n                                              submitted for audit,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (iv) details of the adjustments \r\n                                              not made to the accounts because \r\n                                              they are not considered to be \r\n                                              material,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (v) details of the areas where the \r\n                                              manual of accounting for banks \r\n                                              issued by the Bank of Ghana has \r\n                                              not been complied with,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (vi) the full accounts of the bank \r\n                                              for the period under review;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) regarding the adequacy of \r\n                                              provisions made</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">(i)&nbsp; \r\n                                              against the advances portfolio \r\n                                              investment and other assets \r\n                                              accounts,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (ii) against off-balance sheet \r\n                                              items, and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (iii)&nbsp; for credits, accruals and \r\n                                              other liabilities;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) audit work including</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">(i)&nbsp; \r\n                                              the adequacy of work undertaken by \r\n                                              the bank''s internal audit \r\n                                              department, and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (ii) the amount of audit work \r\n                                              undertaken in particular areas \r\n                                              including scope of tests, sampling \r\n                                              criteria, coverage achieved, \r\n                                              extended work, confirmation \r\n                                              exercise with third parties.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The Bank of Ghana may modify a \r\n                                              directive issued under subsections \r\n                                              (1) and (2) as it considers fit \r\n                                              and those banks or that bank shall \r\n                                              comply with the modification.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) A bank which fails to comply \r\n                                              with the Bank of Ghana directives \r\n                                              is liable to pay to the Bank of \r\n                                              Ghana a fine not exceeding 1000 \r\n                                              penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 53&#8212;Information and \r\n                                              Periodic Returns</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank of Ghana shall, for \r\n                                              the purposes of supervision, \r\n                                              require a bank to submit to it any \r\n                                              information or data relating to \r\n                                              the assets, liabilities, income, \r\n                                              expenditure of that bank, or any \r\n                                              of that bank''s affairs, in the \r\n                                              prescribed form, at an interval \r\n                                              and within the times that the Bank \r\n                                              of Ghana may stipulate and that \r\n                                              bank shall comply with the \r\n                                              requirement.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Bank of Ghana may impose \r\n                                              fines not exceeding 500 penalty \r\n                                              units on a bank for,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a)&nbsp; non submission,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) incomplete submission,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c)&nbsp; delayed submission, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d)&nbsp; inaccurate submission,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              of the required information, data, \r\n                                              statements or returns.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 54&#8212;On-site Examination</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank of Ghana shall, \r\n                                              without prior notice, carry out an \r\n                                              examination of the operations and \r\n                                              affairs of a bank, with reference \r\n                                              to its books and records including \r\n                                              documents, at intervals of not \r\n                                              less than once a year.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The examination shall be \r\n                                              carried out in a month of the year \r\n                                              as the Bank of Ghana may consider \r\n                                              appropriate.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 55&#8212;Investigation or \r\n                                              Scrutiny</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              Without prejudice to its powers to \r\n                                              examine banks under section 54, \r\n                                              the Bank may carry out \r\n                                              investigations or scrutiny into a \r\n                                              specific matter relating to a \r\n                                              bank''s affairs and for that \r\n                                              purpose the Bank of Ghana shall \r\n                                              have the necessary powers.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 56&#8212;Power of On-site \r\n                                              Examiners</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A person who is authorised by \r\n                                              the Head of Banking Supervision to \r\n                                              examine or investigate or for any \r\n                                              other purpose, shall have a right \r\n                                              of access to the bank''s books and \r\n                                              records including documents, \r\n                                              minute books, customer files, \r\n                                              personnel files, cash and \r\n                                              securities and information in an \r\n                                              electronic medium, and the bank \r\n                                              shall cooperate and assist that \r\n                                              person.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A person who is authorised by \r\n                                              the Head of Banking Supervision to \r\n                                              examine or investigate or for any \r\n                                              other purpose shall have a right \r\n                                              to call upon any director, officer \r\n                                              or any other employee of a bank to \r\n                                              furnish that person any \r\n                                              information and explanation which \r\n                                              that authorised person may \r\n                                              consider necessary and that \r\n                                              official shall comply.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A person who is authorised by \r\n                                              the Head of Banking Supervision \r\n                                              may, if that person considers it \r\n                                              necessary in the course of an \r\n                                              examination or investigation of a \r\n                                              bank, order any bank official or \r\n                                              employee, orally or in writing, to \r\n                                              attend before that authorised \r\n                                              person and testify in relation to \r\n                                              a matter under examination and the \r\n                                              bank official or employee shall \r\n                                              comply with the order.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) A non-compliance with a \r\n                                              requirement of subsections (1) to \r\n                                              (3) or obstructing the authorised \r\n                                              person from discharging those \r\n                                              duties, is an offence under this \r\n                                              Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) A bank which or a person who \r\n                                              fails to comply with any provision \r\n                                              of this section is liable to pay \r\n                                              to the Bank of Ghana a fine not \r\n                                              exceeding 1000 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 57&#8212;Taking Custody of \r\n                                              Records</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) An official of the Bank of \r\n                                              Ghana, who is authorised to carry \r\n                                              out an examination or \r\n                                              investigation of a bank may, if \r\n                                              that official considers it \r\n                                              necessary, by an order in writing \r\n                                              issued to the chief executive of \r\n                                              that bank, take custody of any \r\n                                              records, files or any other \r\n                                              documents relevant to the \r\n                                              examination or investigation after \r\n                                              giving to that bank due \r\n                                              acknowledgement in writing.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Bank of Ghana official \r\n                                              authorised under subsection (1) \r\n                                              shall take reasonable care to \r\n                                              protect that document in that \r\n                                              official''s custody and account for \r\n                                              its disposal.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 58&#8212;Verification of \r\n                                              Information</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Head of Banking \r\n                                              Supervision may authorise any of \r\n                                              its officials or qualified \r\n                                              auditors to verify with reference \r\n                                              to a bank''s books and records, any \r\n                                              return, information or data \r\n                                              furnished to it by that bank and \r\n                                              report on its accuracy.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The bank shall provide access \r\n                                              and facilities to the authorised \r\n                                              official or auditor to carry out \r\n                                              the official''s or auditor''s task.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A bank which fails to provide \r\n                                              access and facilities to the \r\n                                              authorised officer is liable to \r\n                                              pay to the Bank of Ghana a fine \r\n                                              not exceeding 1000 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 59&#8212;On-site Examination \r\n                                              Reports</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) Where an examination has been \r\n                                              conducted by the Bank of Ghana \r\n                                              under section 54, the Bank of \r\n                                              Ghana shall furnish a copy of its \r\n                                              report to the bank and call upon \r\n                                              the bank to provide within thirty \r\n                                              days from the date of the receipt \r\n                                              of the report a written \r\n                                              explanation on the findings \r\n                                              contained in the report and action \r\n                                              taken, within a specified time.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A bank which fails to submit \r\n                                              its explanation under subsection \r\n                                              (1) is liable to pay to the Bank \r\n                                              of Ghana a fine not exceeding 1000 \r\n                                              penalty units. </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 60&#8212;Follow-up Action on \r\n                                              On-site Examination Reports</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank of Ghana may, after \r\n                                              examining a bank''s explanation \r\n                                              issue a directive based on the \r\n                                              explanation to that bank to take \r\n                                              the remedial action that the Bank \r\n                                              of Ghana may specify and that bank \r\n                                              shall comply with the directive.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A bank which fails to comply \r\n                                              with a directive under subsection \r\n                                              (1), is liable to pay to the Bank \r\n                                              of Ghana a fine not exceeding 1000 \r\n                                              penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 61&#8212;Banks to Co-operate \r\n                                              with Conservator</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) Each director and official of \r\n                                              the bank shall co-operate and \r\n                                              assist the conservator to carry \r\n                                              out the conservator''s \r\n                                              responsibilities under this Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A director or bank official \r\n                                              who obstructs the conservator in \r\n                                              the performance of the \r\n                                              conservator''s functions commits an \r\n                                              offence and is liable on summary \r\n                                              conviction to a fine not exceeding \r\n                                              500 penalty units or to a term of \r\n                                              imprisonment not exceeding 2 \r\n                                              years.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 62&#8212;Mandatory Revocation of \r\n                                              Banking Licence</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank of Ghana shall revoke \r\n                                              the licence given to a bank to \r\n                                              carry on banking business when the \r\n                                              entire capital base of the bank is \r\n                                              eroded and the liabilities exceed \r\n                                              the assets unless the shareholders \r\n                                              are able to inject additional \r\n                                              capital to restore the bank to \r\n                                              normalcy within six months from \r\n                                              the time of the capital erosion.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) On the revocation of the \r\n                                              licence under subsection (1), the \r\n                                              Bank of Ghana shall impose a \r\n                                              moratorium under section 65 and \r\n                                              petition the High Court for the \r\n                                              winding up of the bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 63&#8212;Hearing of Banks in \r\n                                              Matters Relating to Revocation of \r\n                                              Licence</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) When the Bank of Ghana intends \r\n                                              to take an action under section \r\n                                              62, it shall give notice in \r\n                                              writing to the bank or to the \r\n                                              director or the managing director, \r\n                                              and give the bank and that \r\n                                              director or managing director an \r\n                                              opportunity to submit any \r\n                                              explanations within a specified \r\n                                              time.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Notwithstanding subsection \r\n                                              (1), if the Bank of Ghana is of \r\n                                              the opinion that delaying the \r\n                                              intended action is not in the \r\n                                              interests of the bank, it may \r\n                                              proceed with its intended action \r\n                                              and give a hearing to the persons \r\n                                              affected by the action. </span>\r\n                                              </p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 64&#8212;Issue of Final Orders \r\n                                              after Examining a Bank</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank of Ghana may, after \r\n                                              examining the explanations of the \r\n                                              bank, the director or the managing \r\n                                              director at any stage,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) confirm the action already \r\n                                              taken, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) decide to take the action \r\n                                              indicated in the notice to the \r\n                                              bank or to the persons affected by \r\n                                              the action, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) modify the action, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) cease or refrain from taking \r\n                                              any other action, </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              as it may consider fit and issue \r\n                                              orders in writing accordingly.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 65&#8212;Moratorium</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank of Ghana may, if it</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) is satisfied that a bank is \r\n                                              temporarily or otherwise not \r\n                                              likely to meet its obligations in \r\n                                              full to its depositors or \r\n                                              creditors, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) intends to revoke a licence \r\n                                              issued to a bank to carry on \r\n                                              banking business, </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              order the bank to suspend banking \r\n                                              operations including payments to \r\n                                              depositors or creditors, either in \r\n                                              full or partially, for a limited \r\n                                              period not exceeding ninety days \r\n                                              from the date of notice, to \r\n                                              facilitate arrangements for \r\n                                              orderly payments or pending \r\n                                              decision on the bank''s future set \r\n                                              up.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) An order issued under \r\n                                              subsection (1) may be extended for \r\n                                              a further period not exceeding \r\n                                              ninety days or modified as the \r\n                                              Bank of Ghana may consider fit.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 66&#8212;Appeal to Minister \r\n                                              Against Orders of the Bank of \r\n                                              Ghana</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank, the director or the \r\n                                              managing director aggrieved by an \r\n                                              order issued by the Bank of Ghana \r\n                                              under section 65, may appeal or \r\n                                              submit representations to the \r\n                                              Minister of Finance, within \r\n                                              fourteen days from the date of \r\n                                              receipt of the Bank''s order.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Minister shall give a \r\n                                              hearing to the bank, the director, \r\n                                              or the managing director and the \r\n                                              Bank of Ghana and take a decision \r\n                                              on the appeal or representations \r\n                                              within one month from the date of \r\n                                              receipt of the appeal or \r\n                                              representations.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The Minister shall not at any \r\n                                              stage of the appeal or \r\n                                              representations, make an interim \r\n                                              order suspending operation of a \r\n                                              moratorium order issued by the \r\n                                              Bank of Ghana under section 65.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 67&#8212;Ceasing of Operations \r\n                                              Following Revocation of Licence</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) Where the Bank of Ghana \r\n                                              revokes a banking licence, the \r\n                                              bank shall cease operations, if \r\n                                              the bank has not ceased operation \r\n                                              following an order of moratorium, \r\n                                              and surrender the licence to the \r\n                                              Bank of Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A bank which fails to comply \r\n                                              with subsection (1) commits an \r\n                                              offence and every director is \r\n                                              liable on summary conviction to a \r\n                                              fine of not less than 1000 penalty \r\n                                              units or in default, to a term of \r\n                                              imprisonment not exceeding 5 \r\n                                              years.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 68&#8212;Winding up of Bank and \r\n                                              Appointment of Liquidator</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) Where the Bank of Ghana</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) has revoked the banking \r\n                                              license of a bank, and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b)&nbsp; is of the opinion that the \r\n                                              bank is not likely to pay its \r\n                                              depositors and creditors in full, \r\n                                              it may, notwithstanding the \r\n                                              provisions of the Bodies Corporate \r\n                                              (Official Liquidations) Act, 1963 \r\n                                              (Act 180) or any other law, \r\n                                              appoint a liquidator to wind up \r\n                                              the affairs of the affected bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Bank of Ghana shall by \r\n                                              legislative instrument make \r\n                                              regulations prescribing the \r\n                                              procedure necessary to give effect \r\n                                              to this section of the Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A person who is not satisfied \r\n                                              with the decision of the Bank of \r\n                                              Ghana or of the liquidator may \r\n                                              petition the Minister, who shall \r\n                                              refer the matter to an official \r\n                                              mediator for consideration.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (4) The Minister shall adopt the \r\n                                              decision or the settlement terms \r\n                                              of the mediation.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (5) Where the mediation fails to \r\n                                              arrive at a settlement, the \r\n                                              Minister shall decide the matter, \r\n                                              taking into consideration the \r\n                                              findings and conclusions of the \r\n                                              mediation.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 69&#8212;Voluntary Winding-up</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) Notwithstanding anything to \r\n                                              the contrary in the Companies Code \r\n                                              1963 (Act 179) or any other law, a \r\n                                              bank shall not voluntarily wind up \r\n                                              unless the Bank of Ghana has \r\n                                              certified in writing that the bank \r\n                                              is able to meet its obligations in \r\n                                              full to the depositors and \r\n                                              creditors as the obligations \r\n                                              accrue.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) If the Bank of Ghana, at any \r\n                                              stage of the voluntary winding up, \r\n                                              considers that the bank which is \r\n                                              being wound up is unable to meet \r\n                                              its obligations in full to \r\n                                              depositors or creditors, the Bank \r\n                                              of Ghana shall appoint a \r\n                                              liquidator to wind up the affairs \r\n                                              of the bank and the provisions of \r\n                                              subsections (2) to (5) of section \r\n                                              68 shall apply.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              PART VIII&#8212;ACCOUNTS AND AUDIT</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 70&#8212;Guidelines on \r\n                                              Accounting Standards and \r\n                                              Disclosures in Balance Sheet and \r\n                                              Profit and Loss Account</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank of Ghana may lay down \r\n                                              the guidelines to be followed by \r\n                                              banks in respect of accounting \r\n                                              policies, practices, presentation \r\n                                              of annual accounts and disclosure \r\n                                              of information in the annual \r\n                                              accounts.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A bank which does not comply \r\n                                              with subsection (1) shall pay to \r\n                                              the Bank of Ghana a fine not \r\n                                              exceeding 1000 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 71&#8212;Accounting Records</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank shall keep accounting \r\n                                              records in a manner that gives an \r\n                                              accurate and reliable account of \r\n                                              its transactions and the accounts \r\n                                              prepared from the records shall \r\n                                              give a true and fair view of the \r\n                                              state of affairs of the bank and \r\n                                              its results for the accounting \r\n                                              period.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The accounting records of the \r\n                                              bank shall be kept at the bank''s \r\n                                              head office in Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A bank which contravenes a \r\n                                              provision of this section commits \r\n                                              an offence and is liable on \r\n                                              summary conviction to a fine not \r\n                                              exceeding one thousand penalty \r\n                                              units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 72&#8212;Financial Statements</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank shall prepare, at the \r\n                                              expiration of each calendar year, \r\n                                              in respect of the business \r\n                                              transacted by it with reference to \r\n                                              that year, financial statements \r\n                                              comprising balance sheet, profit \r\n                                              and loss account and cash flow \r\n                                              statement.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The financial statements \r\n                                              referred to in subsection (1) \r\n                                              shall be approved by the board of \r\n                                              directors of the Bank and signed \r\n                                              by at least two directors of the \r\n                                              bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A bank which fails to prepare \r\n                                              a financial statement in \r\n                                              accordance with this section is \r\n                                              liable to pay to the Bank of \r\n                                              Ghana, a fine not exceeding 1000 \r\n                                              penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 73&#8212;Audit of Bank''s \r\n                                              Accounting Records</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The balance sheet and profit and \r\n                                              loss account referred to in \r\n                                              section 73 and the accounting \r\n                                              records of the bank for the period \r\n                                              shall be audited by qualified \r\n                                              auditors duly appointed in \r\n                                              accordance with this Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 74&#8212;Appointment of Auditors</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) An auditor of a bank shall, \r\n                                              except as provided in subsection \r\n                                              (2) of this section and subsection \r\n                                              (2) of section 75 be appointed at \r\n                                              an annual general meeting of the \r\n                                              bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The directors of a bank may \r\n                                              appoint</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a)&nbsp; the first auditor of the \r\n                                              bank; or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) an auditor to act in place of \r\n                                              the auditor who is for any reason \r\n                                              unable or unwilling to act until a \r\n                                              new auditor is appointed at an \r\n                                              annual general meeting or until \r\n                                              the Bank of Ghana appoints an \r\n                                              auditor under section 75(2).</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A person shall not be \r\n                                              appointed an auditor of a bank \r\n                                              unless that person</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) is a member of the Institute \r\n                                              of Chartered Accountants under the \r\n                                              Chartered Accountants Act, 1963 \r\n                                              (Act 170); or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) is not disqualified by a law \r\n                                              in force in this country or in any \r\n                                              other country from being appointed \r\n                                              as an auditor of a body corporate.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 75&#8212;The Bank of Ghana''s \r\n                                              Powers to Appoint Auditors</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank which for a continuous \r\n                                              period of three months is without \r\n                                              an auditor shall notify the Bank \r\n                                              of Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Bank of Ghana shall upon \r\n                                              being notified under subsection \r\n                                              (1) appoint an auditor for that \r\n                                              bank to hold office until the next \r\n                                              annual general meeting of that \r\n                                              bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A bank which fails to notify \r\n                                              the Bank of Ghana as required \r\n                                              under subsection (1) shall pay to \r\n                                              the Bank of Ghana a fine not \r\n                                              exceeding 1000 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 76&#8212;Auditor''s Remuneration</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The remuneration of an auditor \r\n                                              of a bank shall be determined in \r\n                                              accordance with section 134(10) of \r\n                                              the Companies Code, 1963 (Act \r\n                                              179).</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Where for any reason an \r\n                                              auditor is appointed to fill a \r\n                                              temporary vacancy in the office of \r\n                                              the bank''s auditor, that auditor \r\n                                              shall be paid an equitable \r\n                                              proportion of the remuneration \r\n                                              fixed under subsection (1) as the \r\n                                              bank, having regard to all the \r\n                                              circumstances of the case, may \r\n                                              determine.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 77&#8212;Auditor''s Right to \r\n                                              Information</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) An auditor of a bank shall \r\n                                              have </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) a right of access to the \r\n                                              accounting records, minutes book, \r\n                                              files and other relevant \r\n                                              documentary evidence, cash and \r\n                                              securities of the bank, and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) a right to request information \r\n                                              and explanation from the \r\n                                              directors, management, staff and \r\n                                              appointed agents of the bank \r\n                                              requisite for the efficient \r\n                                              performance of the duties of the \r\n                                              auditor.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) For the purposes of subsection \r\n                                              (1) &quot;accounting records&quot; include \r\n                                              computerised and manual files, \r\n                                              vouchers, reports and other \r\n                                              transactions of the bank. </span>\r\n                                              </p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 78&#8212;Auditor''s Report </span>\r\n                                              </b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) An auditor of a bank shall \r\n                                              submit </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) to that bank, and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) to the Bank of Ghana,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              at least once in every year, a \r\n                                              statutory audit report and a long \r\n                                              form audit report.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The auditor shall state in the \r\n                                              statutory report whether or not</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) the accounts give a true and \r\n                                              fair view of the state of affairs \r\n                                              of the bank and its results for \r\n                                              the period under review;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) the auditor was able to obtain \r\n                                              all the information and \r\n                                              explanation required for the \r\n                                              efficient performance of the \r\n                                              auditor''s duties;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) the bank''s transactions are \r\n                                              within the powers of the bank; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) the bank has complied with the \r\n                                              provisions of this Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) The auditor shall submit a \r\n                                              long form audit report on the \r\n                                              accounts and the affairs of the \r\n                                              bank generally and in addition \r\n                                              comment on the matters to be \r\n                                              specified in Regulations made by \r\n                                              the Bank of Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 79&#8212;Special Audit and \r\n                                              Additional Information</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              The Bank of Ghana may, at the \r\n                                              expense of a bank,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) require the auditor to \r\n                                              undertake a further audit or \r\n                                              provide additional information or \r\n                                              both as the Bank of Ghana \r\n                                              considers necessary or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) engage an independent auditor \r\n                                              to audit the whole or part of the \r\n                                              accounts of the bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 80&#8212;Termination of \r\n                                              Auditor''s Appointment</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) An auditor of a bank shall \r\n                                              cease to act as an auditor if</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) the Bank of Ghana in writing \r\n                                              requests that bank to revoke the \r\n                                              appointment of the auditor;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) the auditor or a member of the \r\n                                              auditor''s firm or establishment \r\n                                              becomes a director of that bank;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (c)&nbsp; the auditor resigns by notice \r\n                                              in writing to that bank;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (d) the auditor ceases to qualify \r\n                                              under section 74(3) for \r\n                                              appointment as auditor of a bank; \r\n                                              or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (e) the auditor is otherwise \r\n                                              removed by a decision taken at an \r\n                                              annual general meeting of that \r\n                                              bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A bank shall comply with a \r\n                                              request of the Bank of Ghana that \r\n                                              the appointment of an auditor be \r\n                                              revoked.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) An auditor who does not comply \r\n                                              with subsection (1) commits an \r\n                                              offence and is liable on summary \r\n                                              conviction to a fine not exceeding \r\n                                              250 penalty units or to a term of \r\n                                              imprisonment not exceeding 12 \r\n                                              months.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 81&#8212;Display of Financial \r\n                                              Statements</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank shall</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) exhibit at each one of its \r\n                                              branches or agencies in a \r\n                                              conspicuous place throughout the \r\n                                              year, a copy of the last audited \r\n                                              financial statements in respect of \r\n                                              the operations of the bank;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) not later than three months \r\n                                              after the end of its financial \r\n                                              year,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">(i) \r\n                                              furnish the Bank of Ghana with a \r\n                                              copy of its audited financial \r\n                                              statements together with the \r\n                                              auditor''s statutory and long form \r\n                                              audit reports; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (ii) cause the financial \r\n                                              statements together with the \r\n                                              auditors'' certificates to be \r\n                                              published in a daily newspaper \r\n                                              circulating in Ghana.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A bank which fails to comply \r\n                                              with this section is liable to pay \r\n                                              to the Bank of Ghana a fine not \r\n                                              exceeding 1000 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 82&#8212;Prohibition of Floating \r\n                                              Charge</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank shall not create a \r\n                                              floating charge on an undertaking \r\n                                              or a property of the bank or part \r\n                                              of the property of the bank.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) A floating charge created \r\n                                              under subsection (1) so of no \r\n                                              legal effect.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A bank which creates a \r\n                                              floating charge in contravention \r\n                                              of subsection (1) commits an \r\n                                              offence and is liable on summary \r\n                                              conviction to a fine not exceeding \r\n                                              1000 penalty units.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 83&#8212;Secrecy of Information</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">A \r\n                                              director, an officer or any other \r\n                                              employee of the Bank of Ghana \r\n                                              shall not disclose to any other \r\n                                              person information relating to the \r\n                                              affairs of a bank except as \r\n                                              required by law or by a court of \r\n                                              competent jurisdiction or by \r\n                                              global banking supervisory \r\n                                              practices.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 84&#8212;Secrecy of Customer \r\n                                              Information</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">A \r\n                                              director, an officer or any other \r\n                                              employee of a bank shall not \r\n                                              disclose an information relating \r\n                                              to the affairs of a customer with \r\n                                              that bank except where the \r\n                                              disclosure of the information is \r\n                                              required by law or by a court of \r\n                                              competent jurisdiction or the Bank \r\n                                              of Ghana or is authorised by the \r\n                                              customer or is in the interests of \r\n                                              that bank. </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 85&#8212;Disclosure by the Bank \r\n                                              of Ghana of Information Relating \r\n                                              to Banks</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              Notwithstanding the provisions of \r\n                                              any other section, the Bank of \r\n                                              Ghana may </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) publish information obtained \r\n                                              by it from the banks, in a \r\n                                              consolidated form as it considers \r\n                                              fit in the public interest, and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) share supervisory information, \r\n                                              on a confidential basis, with \r\n                                              other official agencies, both \r\n                                              domestic and foreign, responsible \r\n                                              for the safety and soundness of \r\n                                              the financial system, if the \r\n                                              information is used only for \r\n                                              purposes related to the effective \r\n                                              supervision of the institutions \r\n                                              concerned.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 86&#8212;Submission of Reports \r\n                                              on Trend and Progress</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Bank of Ghana shall, not \r\n                                              later than one hundred and twenty \r\n                                              days after the end of its \r\n                                              financial year, submit to the \r\n                                              Minister a report on the trend and \r\n                                              progress of the business of \r\n                                              banking in the country.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) The Bank of Ghana shall \r\n                                              include in the report the \r\n                                              recommendations that it considers \r\n                                              necessary in the interest of the \r\n                                              business of banking in the \r\n                                              country. </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 87&#8212;Protection for \r\n                                              Officials</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) An action or claim shall not \r\n                                              be brought against a director or \r\n                                              an employee of the Bank of Ghana \r\n                                              in respect of an act done in good \r\n                                              faith by the director or employee \r\n                                              in the course of the director''s or \r\n                                              employee''s duty under this Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Subsection (1) is not \r\n                                              applicable where the action or \r\n                                              claim arises out of the negligence \r\n                                              or a wrongful act of the director \r\n                                              or employee of the Bank of&nbsp; Ghana</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 88&#8212;Offences and Penalties</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Attorney-General may, by \r\n                                              executive instrument, authorise \r\n                                              such officers as shall be \r\n                                              specified in the instrument to \r\n                                              prosecute offences that arise \r\n                                              under this Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Where a body of persons is \r\n                                              convicted of an offence under this \r\n                                              Act then,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) in the case of a body \r\n                                              corporate other than a \r\n                                              partnership, every director and \r\n                                              officer of that body shall be \r\n                                              deemed to have committed the \r\n                                              offence; and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) in the case of a partnership, \r\n                                              every partner shall be deemed to \r\n                                              have committed the offence.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (3) A person shall not be \r\n                                              convicted by virtue of subsection \r\n                                              (2), if that person proves that \r\n                                              the offence was committed without \r\n                                              the consent or connivance of that \r\n                                              person and that due diligence to \r\n                                              prevent the commission of the \r\n                                              offence had been exercised having \r\n                                              regard to all the circumstances.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 89&#8212;Joinder of Offences</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              Notwithstanding anything contained \r\n                                              in any other enactment, where a \r\n                                              person is accused of more than one \r\n                                              offence under this Act, that \r\n                                              person may be charge with and \r\n                                              tried at one trial for any number \r\n                                              of those offences committed within \r\n                                              any length of time.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 90&#8212;Interpretation</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              In this Act, unless the context \r\n                                              otherwise requires,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;applicant'''' means a body \r\n                                              corporate;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;the Bank&quot; means the Bank of \r\n                                              Ghana;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;bank&quot; means a body corporate \r\n                                              which is issued with a licence in \r\n                                              accordance with this Act to carry \r\n                                              on banking business;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;banking business&quot; means</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) accepting deposits of money \r\n                                              from the public, repayable on \r\n                                              demand or otherwise and \r\n                                              withdrawable by cheque, draft, \r\n                                              orders or by any other means;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) financing, whether in whole or \r\n                                              in part or by way of short, medium \r\n                                              or long term loans or advances, of \r\n                                              trade, industry commerce or \r\n                                              agriculture and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) any other business activities \r\n                                              that the Bank of Ghana may \r\n                                              prescribe or recognise as being \r\n                                              part of banking business.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;banking policy&quot; means a policy \r\n                                              which is specified by the Bank of \r\n                                              Ghana in the interests of the \r\n                                              banking system or in the interests \r\n                                              of monetary stability or sound \r\n                                              economic growth;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;capital adequacy ratio&quot; of a bank \r\n                                              is the ratio expressed as a \r\n                                              percentage of its capital base to \r\n                                              its risk weighted exposure;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;chief executive&quot; in relation to a \r\n                                              bank, means a person, by whatever \r\n                                              name called, who is responsible, \r\n                                              subject to the authority of a \r\n                                              bank''s board of directors, for the \r\n                                              conduct and management of the \r\n                                              business of the bank;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;connected lending&quot; or &quot;lending to \r\n                                              related parties&quot; means taking a \r\n                                              financial exposure in respect of</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) directors or significant \r\n                                              shareholders,</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) firms or companies in which a \r\n                                              director or a significant \r\n                                              shareholder is interested, \r\n                                              directly or indirectly as \r\n                                              director, controlling shareholder, \r\n                                              partner, proprietor, employee or \r\n                                              guarantor,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \r\n                                              &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) holding or subsidiary \r\n                                              companies of the company in which \r\n                                              a director or significant \r\n                                              shareholder is interested, \r\n                                              directly or indirectly, as \r\n                                              director, controlling shareholder, \r\n                                              partner, proprietor, employee or \r\n                                              guarantor;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;controlling shareholding&quot; means a \r\n                                              direct or indirect holding in a \r\n                                              bank&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;\r\n                                              </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) which represents more than \r\n                                              fifty per cent of the capital or \r\n                                              of the voting rights, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) which makes it possible to \r\n                                              exercise a significant influence \r\n                                              over the management of the bank in \r\n                                              which a holding subsists;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;financial exposure&quot; of a bank to \r\n                                              a person, firm, body corporate, or \r\n                                              any unincorporated body of \r\n                                              persons, concern or combination of \r\n                                              that person, firm, body corporate, \r\n                                              or an unincorporated body of \r\n                                              persons, concern or combination \r\n                                              shall be taken to be the aggregate \r\n                                              of</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) the loans, advances and credit \r\n                                              facilities (including off-balance \r\n                                              sheet obligations) given to that \r\n                                              person, firm, body corporate, or \r\n                                              an unincorporated body of persons, \r\n                                              concern or combination, and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) the value of the bank''s \r\n                                              holdings of shares and debentures \r\n                                              and other debt securities issued \r\n                                              by that person, firm, body \r\n                                              corporate, or an unincorporated \r\n                                              body of persons, concern or \r\n                                              combination;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              and in computing the financial \r\n                                              exposure the following assets that \r\n                                              may be held as collateral shall be \r\n                                              deducted:</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (c) cash deposit;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (d)&nbsp; lien on term deposit with the \r\n                                              bank;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (e)&nbsp; market value of Treasury \r\n                                              Bills, Government Securities and \r\n                                              Bank Securities, and</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (f) other securities approved by \r\n                                              the Bank of Ghana; </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;foreign bank&quot; means a bank \r\n                                              incorporated in Ghana in which not \r\n                                              less than sixty per cent of the \r\n                                              equity share capital is held by \r\n                                              foreigners;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;large exposure&quot; means financial \r\n                                              exposure to a single borrower or \r\n                                              group of connected borrowers that \r\n                                              in the aggregate exceeds ten per \r\n                                              cent of the bank''s net own funds;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;Minister&quot; means the Minister \r\n                                              responsible for Finance;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;net own funds&quot; means the sum \r\n                                              total of share capital that has \r\n                                              been paid up, free reserves, \r\n                                              including the reserves that have \r\n                                              been created out of revaluation of \r\n                                              fixed assets with the consent of \r\n                                              the Bank of Ghana subject to \r\n                                              netting out the accumulated losses \r\n                                              and unwritten-off capitalised \r\n                                              expenditure;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;net worth&quot; means shareholders \r\n                                              funds and includes stated capital, \r\n                                              capital surplus from revaluation \r\n                                              of assets and other reserves;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;prescribed&quot; means prescribed by \r\n                                              Regulations or Rules or directives \r\n                                              issued by the Bank of Ghana;</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              &quot;significant share holding&quot; means \r\n                                              a direct or indirect holding in a \r\n                                              bank </span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (a) which represents ten per cent \r\n                                              or more of the capital or the \r\n                                              voting right, or</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (b) which makes it possible to \r\n                                              exercise a significant influence \r\n                                              over the management of the bank in \r\n                                              which a holder subsists.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 91&#8212;Repeal of Banking Law, \r\n                                              1989</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) The Banking Law, 1989 (P.N.D.C.L. \r\n                                              225) is hereby repealed.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) Notwithstanding subsection \r\n                                              (1), regulations, orders, \r\n                                              directions, notifications, \r\n                                              exemptions, approvals, decisions \r\n                                              and other executive or \r\n                                              administrative, acts made, given \r\n                                              or done under the repealed Law \r\n                                              shall upon the coming into force \r\n                                              of this Act continue in force \r\n                                              until amended or repealed in \r\n                                              accordance with this Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <b>\r\n                                              <span style="font-family: Arial">\r\n                                              Section 92&#8212;Validity of Existing \r\n                                              Licences</span></b></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (1) A bank licensed under the \r\n                                              Banking Law, 1989 (P.N.D.C.L. 225) \r\n                                              or established under any other Act \r\n                                              or any other enactment and in \r\n                                              existence before the commencement \r\n                                              of this Act shall continue in \r\n                                              existence subject to compliance \r\n                                              with this Act.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              (2) If a representative office of \r\n                                              a foreign bank incorporated \r\n                                              outside the country is already \r\n                                              functioning on the date this Act \r\n                                              comes into force, it shall take \r\n                                              steps and obtain the required \r\n                                              approval within ninety days, or \r\n                                              close down its office.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">\r\n                                              Date of Gazette Notification: 29th \r\n                                              October, 2004.</span></p>\r\n                                              <p class="MsoNormal" style="text-align: justify">\r\n                                              <span style="font-family: Arial">&nbsp;</span></td>\r\n                </tr>\r\n              </tbody>\r\n            </table>\r\n          </td>\r\n        </tr>\r\n        <tr>\r\n          <td width="76" height="50" bgcolor="#003366">&nbsp;</td>\r\n          <td width="777" height="50">\r\n            <p align="center">\r\n              </table>\r\n            </td>\r\n        </tr>\r\n', 'Fourth', 'Yes', 'ACT 673');
INSERT INTO `actsofghana` (`id`, `title`, `content`, `republic`, `isshow`, `actname`) VALUES
(140, 'Biosafety Act, 2011 Act 831 ', '<table>\r\n<tr>\r\n                                            <td vAlign="top" align="left" width="1375" height="64">\r\n                                              <p class="MsoNormal" style="line-height: normal">\r\n												<span style="font-size: 12.0pt; font-family: Arial,sans-serif">\r\n												&nbsp;</span></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \r\n												&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \r\n												&nbsp;Biosafety Act, \r\n												2011&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Act \r\n												831 </span></b></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												ARRANGEMENT OF SECTIONS </span>\r\n												</p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Section</span></i></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Scope, objectives and \r\n												establishment </span></i></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												1.<span style="font-family: Arial,sans-serif">Scope \r\n												of the Act </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												2.<span style="font-family: Arial,sans-serif">Objectives \r\n												of the Act </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												3.<span style="font-family: Arial,sans-serif">Establishment \r\n												of the National Biosafety \r\n												Authority </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												4.<span style="font-family: Arial,sans-serif">Functions \r\n												of the Authority </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												5.<span style="font-family: Arial,sans-serif">The \r\n												governing body </span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Administration </span></i></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												6.<span style="font-family: Arial,sans-serif">Conduct \r\n												of business and affairs of the \r\n												Board </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												7.<span style="font-family: Arial,sans-serif">Delegation \r\n												of powers of the Authority\r\n												</span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												8.<span style="font-family: Arial,sans-serif">Chief \r\n												executive officer </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												9.<span style="font-family: Arial,sans-serif">Staff \r\n												of the Authority </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												10.<span style="font-family: Arial,sans-serif">Protection \r\n												from personal liability </span>\r\n												</p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Handling of requests for \r\n												approvals </span></i></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												11.<span style="font-family: Arial,sans-serif">Application \r\n												for contained or confined use\r\n												</span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												12.<span style="font-family: Arial,sans-serif">Application \r\n												for introduction into the \r\n												environment </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												13.<span style="font-family: Arial,sans-serif">Application \r\n												to import or place on the market\r\n												</span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												14.<span style="font-family: Arial,sans-serif">Application \r\n												to export </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												15.<span style="font-family: Arial,sans-serif">Genetically \r\n												modified organisms in transit\r\n												</span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												16.<span style="font-family: Arial,sans-serif">Confidential \r\n												information </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												17.<span style="font-family: Arial,sans-serif">Acknowledgement \r\n												of application </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												18.<i><span style="font-family: Arial,sans-serif">Gazette\r\n												</span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												publication </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												19.<span style="font-family: Arial,sans-serif">Risk \r\n												assessment and risk management\r\n												</span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												20.<span style="font-family: Arial,sans-serif">Exemption\r\n												</span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												21.<span style="font-family: Arial,sans-serif">Determination \r\n												of application </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												22.<span style="font-family: Arial,sans-serif">Communication \r\n												of decision </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												23.<span style="font-family: Arial,sans-serif">Register\r\n												</span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Reviews and approvals </span>\r\n												</i></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												24.<span style="font-family: Arial,sans-serif">Review \r\n												of approval </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												25.<span style="font-family: Arial,sans-serif">Withholding \r\n												information </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												26.<span style="font-family: Arial,sans-serif">Appeals \r\n												Tribunal </span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Technical advisory committee\r\n												</span></i></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												27.<span style="font-family: Arial,sans-serif">Technical \r\n												advisory committee </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												28.<span style="font-family: Arial,sans-serif">Functions \r\n												of the committee </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												29.<span style="font-family: Arial,sans-serif">Allowances</span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												30.<span style="font-family: Arial,sans-serif">Conflict \r\n												of interest </span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Regulatory agencies </span></i>\r\n												</p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												31.<span style="font-family: Arial,sans-serif">Functions \r\n												of regulatory agencies </span>\r\n												</p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												32.<span style="font-family: Arial,sans-serif">Unintentional \r\n												release into the environment\r\n												</span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Inspections </span></i></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												33.<span style="font-family: Arial,sans-serif">Appointment \r\n												of inspectors &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												34.<span style="font-family: Arial,sans-serif">Functions \r\n												of inspectors </span></p>\r\n												<p class="Style" style="text-align: justify">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												&nbsp;&nbsp;Finance </span></i></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												35.<span style="font-family: Arial,sans-serif">Funds \r\n												of the Authority </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												36.<span style="font-family: Arial,sans-serif">Investment \r\n												of funds </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												37.<span style="font-family: Arial,sans-serif">Financial \r\n												year </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												38.<span style="font-family: Arial,sans-serif">Annual \r\n												estimates </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												39.<span style="font-family: Arial,sans-serif">Accounts \r\n												and audit </span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Miscellaneous </span></i></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												40.<span style="font-family: Arial,sans-serif">Regulations\r\n												</span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												41.<span style="font-family: Arial,sans-serif">Offences \r\n												and penalties </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												42.<span style="font-family: Arial,sans-serif">Public \r\n												awareness and participation\r\n												</span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												43.<span style="font-family: Arial,sans-serif">Civil \r\n												liability and redress </span>\r\n												</p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												44.<span style="font-family: Arial,sans-serif">Interpretation\r\n												</span></p>\r\n												<p class="Style" align="center" style="text-align: center; margin-right: 111.1pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \r\n												SCHEDULES FIRST SCHEDULE</span></b></p>\r\n												<p class="Style" align="center" style="text-align: center; margin-right: 8.85pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												CONDUCT OF BUSINESS AND AFFAIRS \r\n												OF THE BOARD </span></p>\r\n												<p class="Style" align="center" style="text-align: center">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												SECOND SCHEDULE </span></b></p>\r\n												<p class="Style" align="center" style="text-align: center">\r\n												<span style="font-family: Arial,sans-serif">\r\n												INFORMATION REQUIRED IN \r\n												APPLICATIONS FOR CONTAINED OR \r\n												CONFINED USE </span></p>\r\n												<p class="Style" align="center" style="text-align: center">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												THlRD SCHEDULE </span></b></p>\r\n												<p class="Style" align="center" style="text-align: center">\r\n												<span style="font-family: Arial,sans-serif">\r\n												INFORMATION REQUIRED IN \r\n												APPLICATIONS FOR RELEASE, \r\n												IMPORTATION AND PLACING ON THE \r\n												MARKET </span></p>\r\n												<p class="Style" align="center" style="text-align: center">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												FOURTH SCHEDULE</span></b></p>\r\n												<p class="Style" align="center" style="text-align: center">\r\n												<span style="font-family: Arial,sans-serif">\r\n												RISK ASSESSMENT</span></p>\r\n												<p class="Style" align="center" style="text-align: center">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												FIFTH SCHEDULE</span></b></p>\r\n												<p class="Style" align="center" style="text-align: center">\r\n												<span style="font-family: Arial,sans-serif">\r\n												REGULATORY AGENCIES</span></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \r\n												ACT</span></b></p>\r\n												<p class="Style" align="center" style="text-align: center; margin-right: 40.05pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												OF THE PARLIAMENT OF THE \r\n												REPUBLIC OF GHANA</span></b></p>\r\n												<p class="Style" align="center" style="text-align: center">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												ENTITLED</span></b></p>\r\n												<p class="Style" align="center" style="text-align: center">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												BIOSAFETY ACT, 2011</span></b></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												AN ACT to regulate biotechnology \r\n												and to provide for related \r\n												matters. </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												DATE OF ASSENT: </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												PASSED by Parliament and \r\n												assented to by the President:\r\n												</span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Scope, objectives and \r\n												establishment </span></i></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Scope of the Act </span></p>\r\n												<p class="Style" style="margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												1. </span>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(1) The requirements of this Act \r\n												are in addition to, and not in \r\n												derogation of, the requirements \r\n												imposed by any other enactment.\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) This Act does not apply to \r\n												genetically modified organisms \r\n												that are pharmaceuticals for \r\n												human use, and which are the \r\n												subject of any other enactment.\r\n												</span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Objectives of the Act </span>\r\n												</p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												2. The objectives of the Act \r\n												are, </span></p>\r\n												<p class="Style" style="text-align: justify">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												to ensure an adequate level of \r\n												protection in the field of safe \r\n												development transfer, handling \r\n												and use of genetically modified \r\n												organisms resulting from \r\n												biotechnology that may have an \r\n												adverse effect on health and the \r\n												environment, and </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												to establish a transparent and \r\n												predictable process to review \r\n												and make decisions on \r\n												genetically modified organisms \r\n												specified in paragraph <i>(a)\r\n												</i>and related activities.\r\n												</span></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Establishment </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												of the </span><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												National Biosafety Authority\r\n												</span></b></p>\r\n												<p class="Style" style="margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												3. (1) There is established by \r\n												this Act a body corporate to be \r\n												known as the National Biosafety \r\n												Authority. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) Where there is a hindrance \r\n												to the acquisition of property \r\n												by the Authority, the property \r\n												may be acquired for the \r\n												Authority under the State \r\n												Property and Contracts Act, 1960 \r\n												(C.A. 6) or the State Lands Act, \r\n												1962 (Act 125) and the cost \r\n												shall be borne by the Authority.\r\n												</span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Functions of the Authority\r\n												</span></p>\r\n												<p class="Style" style="margin-right: .2pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												4. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												The functions of the Authority \r\n												are </span></p>\r\n												<p class="Style" style="margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												to receive, process, respond to \r\n												and to make decisions on \r\n												applications under and in \r\n												conformity with this Act, </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												to establish administrative \r\n												mechanisms to ensure the \r\n												appropriate handling and storage \r\n												of documents and data in \r\n												connection with the processing \r\n												of applications and any other \r\n												matters covered by this Act,\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(e) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												to act as the national focal \r\n												point responsible for liaising \r\n												with any other agency or \r\n												international organisations \r\n												concerned with biotechnology and \r\n												biosafety, and </span></p>\r\n												<p class="Style" style="margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(d) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												to promote public awareness, \r\n												participation and education \r\n												concerning the activities of the \r\n												Authority under this Act. </span>\r\n												</p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												The governing body </span></b>\r\n												</p>\r\n												<p class="Style" style="margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												5. (1) The governing body of the \r\n												Authority is a Board consisting \r\n												of <i>(a) </i>an expert in \r\n												biotechnology and related \r\n												biological sciences including \r\n												biosafety, as the chairperson,\r\n												</span></p>\r\n												<p class="Style" style="margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the chairperson of the technical \r\n												advisory committee established \r\n												under section 27, </span></p>\r\n												<p class="Style" style="margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(e) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												one representative of the \r\n												Ministry responsible for Science \r\n												not below the rank of Director,\r\n												</span></p>\r\n												<p class="Style" style="margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(d) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												one representative of the \r\n												Association of Ghana Industries,\r\n												<i>(e) </i>one legal \r\n												practitioner of not less than \r\n												ten years standing, who has a \r\n												sufficient background knowledge \r\n												relevant to the subject matter \r\n												of this Act, </span></p>\r\n												<p class="Style" style="margin-right: 16.55pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(f) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												one representative of \r\n												non-governmental organisations,\r\n												<i>(g) </i>the chief executive \r\n												officer of the Authority, </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(h) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												two members from the academia \r\n												who are persons with a \r\n												sufficient background knowledge \r\n												relevant to the subject matter \r\n												of this Act at least one of whom \r\n												is a woman, </span></p>\r\n												<p class="Style" style="margin-right: .95pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(i) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												one representative of the \r\n												Council for Scientific and \r\n												Industrial Research not below \r\n												the rank of a Director, </span>\r\n												</p>\r\n												<p class="Style" style="margin-right: .95pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(j) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												one representative of the \r\n												Ministry of Food and Agriculture \r\n												not below the rank of a \r\n												Director, </span></p>\r\n												<p class="Style" style="margin-right: .95pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(k) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												one representative of the \r\n												Ministry of Health not below the \r\n												rank of a Director, and </span>\r\n												</p>\r\n												<p class="Style" style="margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(/) one representative from the \r\n												Customs Division of the Ghana \r\n												Revenue Authority, </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) The members of the Board \r\n												shall be appointed by the \r\n												President in accordance with \r\n												article 70 of the Constitution \r\n												and shall hold office for three \r\n												years. </span></p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(3) A member of the Board is \r\n												eligible for reappointment for a \r\n												further term not exceeding three \r\n												years. </span></p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(4) Subsections (2) and (3) do \r\n												not apply to the <i>ex officio\r\n												</i>members. (5) The names of \r\n												the members of the Board shall \r\n												be published as a notice in the\r\n												<i>Gazette. </i></span></p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(6) The Board is responsible for \r\n												the proper and efficient \r\n												performance of the functions of \r\n												the Authority. </span></p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(7) The Minister responsible for \r\n												Science may give policy \r\n												directives to the Board. </span>\r\n												</p>\r\n												<p class="Style" style="margin-right: 129.35pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Administration</span></i></p>\r\n												<p class="Style" style="margin-right: 129.35pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												&nbsp;</span></i><b><span style="font-family: Arial,sans-serif">Conduct \r\n												of business and affairs of the \r\n												Board </span></b></p>\r\n												<p class="Style" style="margin-right: .7pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												6. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(1) The provisions relating to \r\n												the conduct and regulation of \r\n												the business and affairs of the \r\n												Board are set out in the First \r\n												Schedule </span></p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) Except as provided in the \r\n												First Schedule, the Board shall \r\n												regulate its own procedure and \r\n												the procedure of any of its \r\n												committees. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(3) The Authority shall pay to \r\n												members of the Board allowances \r\n												approved by the Minister in \r\n												consultation with the Minister \r\n												responsible for Finance. </span>\r\n												</p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Delegation of powers of the \r\n												Authority </span></b></p>\r\n												<p class="Style" style="text-align: justify">\r\n												<span style="font-family: Arial,sans-serif">\r\n												7. Subject to this Act, the \r\n												Board may, generally or in a \r\n												particular case, delegate to a \r\n												committee of the Board or to a \r\n												member of the Board, or to an \r\n												officer, employee or agent of \r\n												the Authority, the performance \r\n												of a function of the Authority \r\n												under this Act. </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Chief executive officer </span>\r\n												</p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												8.<span style="font-family: Arial,sans-serif">(1) \r\n												There shall be a chief executive \r\n												officer of the Authority. </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) The President shall appoint, \r\n												in accordance with article 195 \r\n												of the Constitution, the chief \r\n												executive officer of the \r\n												Authority, on the terms and \r\n												conditions of service stated in \r\n												the instrument of appointment.\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(3) The chief executive officer \r\n												shall hold office for a period \r\n												not exceeding five years and is \r\n												eligible for re-appointment for \r\n												another term only. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(4) The chief executive officer \r\n												is responsible, subject to the \r\n												direction of the Board, for the \r\n												day to day management of the \r\n												affairs of the Authority. </span>\r\n												</p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Staff of the Authority </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												9. The President shall appoint \r\n												for the Authority, in accordance \r\n												with article 195 of the \r\n												Constitution, the officers and \r\n												any other staff necessary for \r\n												the proper performance of its \r\n												functions under this Act, on the \r\n												terms and conditions of service \r\n												determined by the Board. </span>\r\n												</p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Protection from personal \r\n												liability </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												10. </span>\r\n												<span style="font-family: Arial,sans-serif">\r\n												A matter or thing done by a \r\n												member of the Board or by an \r\n												officer, employee or agent of \r\n												the Authority, shall not, if the \r\n												matter or thing is done bona \r\n												fide in the performance of a \r\n												function of the Authority, \r\n												render the member, officer, \r\n												employee or agent personally \r\n												liable to an action, a claim or \r\n												demand. </span></p>\r\n												<p class="Style" style="margin-right: 110.6pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Handling requests for approval</span></i></p>\r\n												<p class="Style" style="margin-right: 110.6pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												&nbsp;</span></i><span style="font-family: Arial,sans-serif">Application \r\n												for contained or confined use\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												11. </span>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(1) A person shall not conduct a \r\n												contained or confined use \r\n												activity involving genetically \r\n												modified organisms or their \r\n												development without the written \r\n												approval of the Authority.\r\n												</span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) The application shall \r\n												include </span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the details that are set out in \r\n												the Second Schedule, and </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												any other additional information \r\n												that the applicant may consider \r\n												necessary for an assessment of \r\n												the potential risk and benefits \r\n												of the requested activity.\r\n												</span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Application for introduction \r\n												into the environment </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												12. (1) A person shall not \r\n												introduce into the environment a \r\n												genetically modified organism \r\n												without the prior written \r\n												approval of the Authority.\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) A person wishing to \r\n												introduce a genetically modified \r\n												organism into the environment \r\n												shall submit to the Authority an \r\n												application describing the \r\n												activity for which the approval \r\n												is sought. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 61.9pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(3) An application under \r\n												subsection (2) shall include <i>\r\n												(a) </i>the information set out \r\n												in the Third Schedule, </span>\r\n												</p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												a risk assessment as set out in \r\n												the Fourth Schedule, </span></p>\r\n												<p class="Style" style="margin-right: .7pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(c) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												a sworn declaration that the \r\n												information contained in the \r\n												application is factually \r\n												correct, and </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(d) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												any other additional information \r\n												that the applicant may consider \r\n												necessary for an assessment of \r\n												the potential risks and benefits \r\n												of the requested activity.\r\n												</span></p>\r\n												<p class="Style" style="margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(4) An applicant may withdraw \r\n												the application at any time \r\n												prior to the issuance of a final \r\n												decision by the Authority.\r\n												</span></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Application to import or place \r\n												on the market </span></b></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												13. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(1) A person shall not, without \r\n												the prior written approval of \r\n												the Authority, import or place \r\n												on the market a genetically \r\n												modified organism. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 61.9pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) An application under \r\n												subsection (1) shall include <i>\r\n												(a) </i>the information set out \r\n												in the Third Schedule, </span>\r\n												</p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												a risk assessment as set out in \r\n												the Fourth Schedule, and </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(c) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												any other information that the \r\n												applicant may consider necessary \r\n												for an assessment of the \r\n												potential risks and benefits of \r\n												the requested activity. </span>\r\n												</p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Application to export </span>\r\n												</b></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												14. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												A person intending to export a \r\n												genetically modified organism \r\n												shall provide the Authority with \r\n												a written advance informed \r\n												agreement or the appropriate \r\n												certification from the competent \r\n												authority of the importing \r\n												country. </span></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Genetically modified organisms \r\n												in transit </span></b></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												15. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(1) A person intending to \r\n												transport a genetically modified \r\n												organism through the Republic \r\n												which is not destined for use in \r\n												the Republic </span></p>\r\n												<p class="Style" style="margin-right: .7pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												shall apply to the Authority for \r\n												a written approval for the \r\n												transportation, and </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												shall ensure that the \r\n												genetically modified organism is \r\n												properly packaged and \r\n												transported in accordance with \r\n												the Regulations and \r\n												international standards. </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) An application to transport \r\n												genetically modified organisms \r\n												through the Republic shall be in \r\n												the form prescribed by the \r\n												Regulations. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) A person wishing to \r\n												introduce a genetically modified \r\n												organism into the environment \r\n												shall submit to the Authority an \r\n												application describing the \r\n												activity for which the approval \r\n												is sought. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 61.9pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(3) An application under \r\n												subsection (2) shall include <i>\r\n												(a) </i>the information set out \r\n												in the Third Schedule, </span>\r\n												</p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												a risk assessment as set out in \r\n												the Fourth Schedule, </span></p>\r\n												<p class="Style" style="margin-right: .7pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(c) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												a sworn declaration that the \r\n												information contained in the \r\n												application is factually \r\n												correct, and </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(d) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												any other additional information \r\n												that the applicant may consider \r\n												necessary for an assessment of \r\n												the potential risks and benefits \r\n												of the requested activity.\r\n												</span></p>\r\n												<p class="Style" style="margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(4) An applicant may withdraw \r\n												the application at any time \r\n												prior to the issuance of a final \r\n												decision by the Authority.\r\n												</span></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Application to import or place \r\n												on the market </span></b></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												13. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(1) A person shall not, without \r\n												the prior written approval of \r\n												the Authority, import or place \r\n												on the market a genetically \r\n												modified organism. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 61.9pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) An application under \r\n												subsection (1) shall include <i>\r\n												(a) </i>the information set out \r\n												in the Third Schedule, </span>\r\n												</p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												a risk assessment as set out in \r\n												the Fourth Schedule, and </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(c) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												any other information that the \r\n												applicant may consider necessary \r\n												for an assessment of the \r\n												potential risks and benefits of \r\n												the requested activity. </span>\r\n												</p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Application to export </span>\r\n												</b></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												14. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												A person intending to export a \r\n												genetically modified organism \r\n												shall provide the Authority with \r\n												a written advance informed \r\n												agreement or the appropriate \r\n												certification from the competent \r\n												authority of the importing \r\n												country. </span></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Genetically modified organisms \r\n												in transit </span></b></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												15. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(1) A person intending to \r\n												transport a genetically modified \r\n												organism through the Republic \r\n												which is not destined for use in \r\n												the Republic </span></p>\r\n												<p class="Style" style="margin-right: .7pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												shall apply to the Authority for \r\n												a written approval for the \r\n												transportation, and </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												shall ensure that the \r\n												genetically modified organism is \r\n												properly packaged and \r\n												transported in accordance with \r\n												the Regulations and \r\n												international standards. </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) An application to transport \r\n												genetically modified organisms \r\n												through the Republic shall be in \r\n												the form prescribed by the \r\n												Regulations. </span></p>\r\n												<p class="Style" style="margin-right: 235.2pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Confidential information 16.\r\n												</span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(1) The Authority </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												shall allow an applicant to \r\n												designate information provided \r\n												to the Authority in accordance \r\n												with the requirements of this \r\n												Act and the Regulations as \r\n												confidential information, and \r\n												the applicant shall supply the \r\n												justification for the claims of \r\n												confidentiality; </span></p>\r\n												<p class="Style" style="margin-right: 1.65pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												shall decide whether it accepts \r\n												as confidential the informa­tion \r\n												designated as confidential by \r\n												the applicant; </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(e) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												shall inform the applicant of \r\n												its rejection of the claim of \r\n												confidentiality, providing \r\n												reasons on request, as well as \r\n												an opportunity for consultation; \r\n												and </span></p>\r\n												<p class="Style" style="margin-right: 1.65pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(d) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												shall, where an applicant \r\n												withdraws an application, \r\n												respect the applicant''s claims \r\n												of confidentiality. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.9pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) The Authority shall not use \r\n												confidential information for a \r\n												purpose not authorised under \r\n												this Act and shall ensure that \r\n												the information is protected by \r\n												the person involved in handling \r\n												applications under this Act.\r\n												</span></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Acknowledgement of application\r\n												</span></b></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												17. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(1) On receipt of the \r\n												application, the Authority\r\n												</span></p>\r\n												<p class="Style" style="margin-right: 1.65pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												shall acknowledge in writing, \r\n												the receipt of the application \r\n												within seven days of the \r\n												receipt, and </span></p>\r\n												<p class="Style" style="margin-right: 1.65pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												shall screen the application for \r\n												completeness within sixty days.\r\n												</span></p>\r\n												<p class="Style" style="margin-right: .7pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) Where an application is not \r\n												complete, the Authority shall \r\n												request the applicant to submit \r\n												additional information. </span>\r\n												</p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Gazette </span></i><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												publication </span></b></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.4pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												18. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(1) The Authority shall within \r\n												fourteen days publish in the <i>\r\n												Gazette, </i>a notice concerning \r\n												an application for release into \r\n												the environment, for the general \r\n												information of the public.\r\n												</span></p>\r\n												<p class="Style" style="margin-right: .7pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) On request, the Authority \r\n												may avail to a person portions \r\n												of an application which do not \r\n												qualify as confidential \r\n												information. </span></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Risk assessment and risk \r\n												management </span></b></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.4pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												19. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(1) Where an application is \r\n												screened and found to be \r\n												complete, the Board shall act in \r\n												accordance with the advice of \r\n												the technical advisory committee \r\n												in respect of the risk \r\n												assessment conducted as set out \r\n												in the Fourth Schedule. </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: 2.15pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) Risk assessment shall be \r\n												carried out taking into account \r\n												available information concerning \r\n												a potential exposure to the \r\n												genetically modified organism.\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 37.4pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(3) The Board may request an \r\n												additional risk assessment. (4) \r\n												On completion of the risk \r\n												assessment, the Board shall\r\n												</span></p>\r\n												<p class="Style" style="margin-right: 2.15pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												make a report giving its \r\n												decision and the justification \r\n												on the disposition of the \r\n												application, and </span></p>\r\n												<p class="Style" style="margin-right: 2.15pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												indicate the measures to be \r\n												taken to ensure the safe use of \r\n												the genetically modified \r\n												organism. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 2.15pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(5) The Board shall liaise with \r\n												the appropriate regulatory \r\n												agency to ensure that measures \r\n												are in place to manage and \r\n												control risks identified during \r\n												the risk assessment process.\r\n												</span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Exemption </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.4pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												20. The Board may exempt a \r\n												genetically modified organism \r\n												from certain requirements of \r\n												section 11, 12, or 13, where it \r\n												is satisfied that sufficient \r\n												experience or information exists \r\n												to conclude that the genetically \r\n												modified organism or activity \r\n												does not pose a significant risk \r\n												to the environment. </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Determination of the application\r\n												</span></p>\r\n												<p class="Style" style="margin-right: .7pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												21. In reaching a final decision \r\n												on an application, the Board \r\n												shall </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												take into account </span></p>\r\n												<p class="Style" style="margin-right: 93.8pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												information submitted by the \r\n												applicant, <i>(b) </i>the risk \r\n												assessment report, </span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(c) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												relevant comments submitted by \r\n												the public, and </span></p>\r\n												<p class="Style" style="text-align: justify">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(d) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												socio-economic considerations \r\n												arising from the impact of a \r\n												proposed activity and of the \r\n												genetically modified organisms \r\n												on the environment. </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Communication of decision </span>\r\n												</p>\r\n												<p class="Style" style="margin-right: .7pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												22. (1) The Board shall \r\n												communicate its final decision \r\n												to the applicant <i>(a) </i>as \r\n												soon as possible, but in any \r\n												case not later than one hundred \r\n												and eighty days after the \r\n												receipt of the complete \r\n												application, or </span></p>\r\n												<p class="Style" style="margin-right: 2.15pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												within the time that the Board \r\n												may in special circumstances \r\n												determine. </span></p>\r\n												<p class="Style" style="margin-right: 1.4pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) The approval shall set out \r\n												clearly the specific conditions \r\n												related to the approval. </span>\r\n												</p>\r\n												<p class="Style" style="margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(3) The approval shall be \r\n												specific and limited to the \r\n												activity authorised as set out \r\n												in the decision document. </span>\r\n												</p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Register </span></p>\r\n												<p class="Style" style="margin-right: 1.2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												23. The Authority shall maintain \r\n												a register, which shall contain \r\n												a copy of </span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the application, </span></p>\r\n												<p class="Style" style="margin-right: 163.65pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the risk assessment report, <i>\r\n												(c) </i>the decision document,\r\n												<i>(d) </i>the approval, and\r\n												</span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(e) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												any other information the Board \r\n												may consider necessary. </span>\r\n												</p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Reviews and approvals </span>\r\n												</i></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Review of approval </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												24. (l) The Board may review a \r\n												decision made under section 21 \r\n												at any time on obtaining \r\n												significant new scientific \r\n												information indicating that the \r\n												genetically modified organism or \r\n												the approved activity may \r\n												adversely affect human health, \r\n												plant health, animal health or \r\n												the environment. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) A regulatory agency or an \r\n												applicant may request the Board \r\n												to review the Board''s decision \r\n												under section 21 with respect to \r\n												an activity conducted by the \r\n												applicant on the ground </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												that a change in the \r\n												circumstances has occurred that \r\n												may have a material effect on \r\n												the outcome of the risk \r\n												assessment on which the decision \r\n												was based; or </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												that additional scientific or \r\n												technical information is \r\n												available which may have a \r\n												material effect on the decision \r\n												including the conditions, \r\n												limitations or requirements \r\n												imposed under an approval.\r\n												</span></p>\r\n												<p class="Style" style="margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(3) Where on a review the Board \r\n												is satisfied that a change is \r\n												warranted, the Board shall issue \r\n												a revised approval. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(4) The Board shall take a \r\n												decision on a review within one \r\n												hundred and fifty days from the \r\n												date of notification of the \r\n												review and shall set out the \r\n												reasons for the decision. </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(5) Where the Board has \r\n												knowledge that an activity \r\n												possesses potential risk to the \r\n												environment, the Board shall \r\n												take immediate action to put the \r\n												necessary measures in place.\r\n												</span></p>\r\n												<p class="Style" style="margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(6) The Board shall give special \r\n												consideration for review \r\n												requests from a regulatory \r\n												agency. </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Withholding information </span>\r\n												</p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												25. (1) A person who withholds \r\n												information </span></p>\r\n												<p class="Style" style="margin-right: 1.9pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												which becomes available to the \r\n												applicant after the approval of \r\n												the application, and </span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												which could change the \r\n												evaluation of risk posed by the\r\n												</span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												intended activity of the person\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .7pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												commits an offence and is liable \r\n												on summary conviction to a fine \r\n												of not less than two thousand \r\n												five hundred penalty units and \r\n												not more than five thousand \r\n												penalty units or to a term of \r\n												imprisonment of not less than \r\n												five years and not more than ten \r\n												years or to both the fine and \r\n												the term of imprisonment. </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) Where an applicant has \r\n												information which the applicant \r\n												ought to have disclosed with the \r\n												application, but does not do so, \r\n												the applicant commits an offence \r\n												and is liable on summary \r\n												conviction to a fine of not less \r\n												than two thousand five hundred \r\n												penalty units and not more than \r\n												five thousand penalty units or \r\n												to a term of imprisonment of not \r\n												less than five years and not \r\n												more than ten years or to both \r\n												the fine and the term of \r\n												imprisonment. </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Appeals Tribunal </span></p>\r\n												<p class="Style" style="margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												26. (1) There is hereby \r\n												established an Appeals Tribunal \r\n												consisting of <i>(a) </i>an \r\n												eminent biological scientist as \r\n												the chairperson, </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .7pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												one legal practitioner of not \r\n												less than ten years standing \r\n												with professional qualifications \r\n												in biotechnology or biosafety \r\n												matters; and </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .7pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(c) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												three other members, who have \r\n												qualifications in biotechnology \r\n												and biosafety management at \r\n												least one of whom is a woman.\r\n												</span></p>\r\n												<p class="Style" style="margin-right: .7pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) The members of the Appeals \r\n												Tribunal shall be appointed by \r\n												the Minister and the \r\n												appointments shall be published \r\n												in the <i>Gazette. </i></span>\r\n												</p>\r\n												<p class="Style" style="margin-right: .7pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(3) A member of the Board shall \r\n												not be appointed a member of the \r\n												Appeals Tribunal. </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(4) The members of the Appeals \r\n												Tribunal shall hold office for \r\n												three </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												years. </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(5) A person who is aggrieved by\r\n												</span></p>\r\n												<p class="Style" style="margin-right: 54.2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												a refusal to grant an approval \r\n												under this Act, or <i>(b) </i>\r\n												the conditions of approval under \r\n												this Act, or </span></p>\r\n												<p class="Style" style="margin-right: 1.9pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(c) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the revocation, suspension or \r\n												revision of an approval under \r\n												this Act, or </span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(d) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												a refusal to treat an \r\n												application as confidential\r\n												</span></p>\r\n												<p class="Style" style="margin-right: 1.4pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												may appeal, within thirty days \r\n												of the decision of the Board, to \r\n												the Appeals Tribunal in the \r\n												prescribed manner. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(6) A person aggrieved by a \r\n												decision of the Appeals Tribunal \r\n												may, within thirty days of the \r\n												decision, appeal against the \r\n												decision to the High Court.\r\n												</span></p>\r\n												<p class="Style" style="margin-right: 114.45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Technical advisory committee\r\n												</span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												TecbmUcaladvisoryconurnnttee\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												27. </span>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(1) In addition to any other \r\n												committees that the Board may \r\n												establish under the First \r\n												Schedule, there is hereby \r\n												established a technical advisory \r\n												committee consisting of not more \r\n												than eleven persons appointed by \r\n												the Board for a period not \r\n												exceeding three years as \r\n												follows: </span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												one representative each from\r\n												</span></p>\r\n												<p class="Style" style="margin-right: 1.4pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(i) the Council for Scientific \r\n												and Industrial Research, and\r\n												</span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(ii) the Atomic Energy \r\n												Commission, </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												two persons one of whom is a \r\n												woman, who are persons \r\n												knowledgeable in the fields of \r\n												science applicable to ecology \r\n												and the development and release \r\n												of genetically modified \r\n												orgamsms, </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(c) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												two persons one of whom is a \r\n												woman who are knowledgeable in \r\n												socio-economic matters and \r\n												genetically modified organisms, \r\n												and </span></p>\r\n												<p class="Style" style="margin-right: 119.75pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(d) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												one representative each from the</span></p>\r\n												<p class="Style" style="margin-right: 119.75pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												&nbsp;(i) Ghana Revenue Authority,\r\n												</span></p>\r\n												<p class="Style" style="margin-right: 80.85pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(ii) Environmental Protection \r\n												Agency, </span></p>\r\n												<p class="Style" style="margin-right: 80.85pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(iii) Food and Drugs Board,\r\n												</span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(iv) Veterinary Services \r\n												Directorate, and </span></p>\r\n												<p class="Style" style="margin-right: .7pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(v) Plant Protection and \r\n												Regulatory Services Directorate.\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) The Board in consultation \r\n												with the Minister responsible \r\n												for Science shall in appointing \r\n												members to the committee, \r\n												endeavour to achieve \r\n												representation from a range of \r\n												the sciences relevant to \r\n												genetically modified organisms \r\n												and ecology. </span></p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(3) The Board shall designate a \r\n												member of the committee as the \r\n												chairperson of the committee.\r\n												</span></p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(4) In the absence of the \r\n												chairperson, the members of the \r\n												committee shall elect one of \r\n												their number to act as \r\n												chairperson. </span></p>\r\n												<p class="Style" style="margin-right: 2.85pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(5) The acting chairperson shall \r\n												perform the functions of the \r\n												chairperson where the \r\n												chairperson is unable to do so.\r\n												</span></p>\r\n												<p class="Style" style="margin-right: 2.85pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(6) A member of the committee \r\n												whose period of office has \r\n												expired is eligible for \r\n												reappointment. </span></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Functions of the committee\r\n												</span></b></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												28. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(1) The technical advisory \r\n												committee shall </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.4pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												act as the national advisory \r\n												body on matters concerning or \r\n												related to genetic modification \r\n												of organisms, and carry out risk \r\n												assessment and audit of \r\n												applications at the request of \r\n												the Board, and </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.4pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												advise, on request or of its own \r\n												accord, the Minister and through \r\n												the Board and the Minister \r\n												advise the Ministries and \r\n												appropriate bodies, on matters \r\n												concerning the genetic \r\n												modification of organisms \r\n												including </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.9pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(i) aspects relating to the \r\n												introduction and development of \r\n												genetically modified organisms \r\n												into the environment, </span>\r\n												</p>\r\n												<p class="Style" style="margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(ii) proposals for specific \r\n												activities or projects \r\n												concerning genetic modification \r\n												of organisms, </span></p>\r\n												<p class="Style" style="margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(iii) aspects concerning the \r\n												contained use of genetically \r\n												modified organisms, </span></p>\r\n												<p class="Style" style="margin-right: 1.65pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(iv) the importation and \r\n												exportation of genetically \r\n												modified organisms, and </span>\r\n												</p>\r\n												<p class="Style" style="margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(v) proposed Regulations and \r\n												written guidelines. </span></p>\r\n												<p class="Style" style="margin-right: 1.4pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) The committee shall annually \r\n												submit a budget to the Board. \r\n												(3) The committee may appoint \r\n												subcommittees to deal with \r\n												specific matters as required.\r\n												</span></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Allowances </span></b></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .7pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												29. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												The members of the technical \r\n												advisory committee and of a \r\n												sub­committee shall be paid the \r\n												allowances determined by the \r\n												Minister, in consultation with \r\n												the Minister responsible for \r\n												Finance. </span></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Conflict of interest </span></b>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: .7pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												30. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(1) A member of the technical \r\n												advisory committee who has an \r\n												interest, directly or indirectly \r\n												in a matter which is the subject \r\n												of consideration by the \r\n												committee shall disclose that \r\n												fact to the committee and the \r\n												nature of the interest and shall \r\n												not take part in the \r\n												consideration, discussion of or \r\n												vote on a question in respect of \r\n												that matter. </span></p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) A member who fails to comply \r\n												with subsection (1) ceases to be \r\n												a member of the committee.\r\n												</span></p>\r\n												<p class="Style" style="margin-right: 135.8pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Regulatory agencies </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Functions of regulatory agencies\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												31. (1) A regulatory agency \r\n												shall, where appropriate, \r\n												monitor an applicant''s \r\n												activities to ensure that those \r\n												activities comply with the \r\n												requirements of this Act, the \r\n												Regulations and the conditions \r\n												imposed in connection with the \r\n												approval under this Act. </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) Where a regulatory agency \r\n												becomes aware of significant new \r\n												scientific information \r\n												indicating that approved \r\n												activities with genetically \r\n												modified organisms may adversely \r\n												affect the environment or pose \r\n												potential risks not previously \r\n												known, the regulatory agency \r\n												shall immediately inform the \r\n												Authority of the new information \r\n												and of the measures put in place \r\n												to ensure the continued safe use \r\n												of the genetically modified \r\n												organism. </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Unintentional release into the \r\n												environment </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												32. (1) A regulatory agency with \r\n												knowledge of an unintentional or \r\n												unapproved introduction into the \r\n												environment of a genetically \r\n												modified organism that is likely \r\n												to have an adverse effect on the \r\n												environment, shall, within \r\n												twenty four hours of having that \r\n												knowledge, notify the Authority \r\n												of the occurrence. </span></p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) A notification under \r\n												subsection (1) shall include \r\n												adequate in­formation for the \r\n												Board to undertake a risk \r\n												assessment. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(3) The Board, in consultation \r\n												with the regulatory agency, \r\n												shall determine whether an \r\n												action is necessary to minimize \r\n												an adverse effect on the \r\n												environment. </span></p>\r\n												<p class="MsoNormal" align="center" style="text-align: center; line-height: normal">\r\n												<i>\r\n												<span style="font-size: 12.0pt; font-family: Arial,sans-serif">\r\n												Inspections</span></i></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Appointment of inspectors </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												33. (1) Subject to subsection \r\n												(5) of section 19, the Board may \r\n												appoint a duly qualified person \r\n												as a biosafety inspector of the \r\n												Authority, for the area of \r\n												authority specified in the \r\n												letter of appointment. </span>\r\n												</p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) The appointment of an \r\n												inspector under subsection (1) \r\n												shall be published in the <i>\r\n												Gazette. </i></span></p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(3) An individual or a company \r\n												incorporated in the Republic may \r\n												be appointed as an inspector.\r\n												</span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Functions of inspectors </span>\r\n												</p>\r\n												<p class="Style" style="margin-right: 1.4pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												34. (1) A biosafety inspector \r\n												may, in the performance of a \r\n												function under this Act, at a \r\n												reasonable time and without a \r\n												warrant, </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												enter any premises, vessel or \r\n												property, which the inspector \r\n												has reason to believe it is \r\n												necessary to enter, in order to \r\n												ascertain whether the \r\n												requirements of this Act or of \r\n												the Regulations are, or an \r\n												approval under this Act is, \r\n												being complied with, and may be \r\n												accompanied by a person duly \r\n												authorised by the Authority;\r\n												</span></p>\r\n												<p class="Style" style="margin-right: .95pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												take possession of the equipment \r\n												or material required for the \r\n												purpose for which the power to \r\n												enter is being exercised; <i>(c)\r\n												</i>carry out the tests and \r\n												inspection and make the \r\n												recordings that are necessary in \r\n												the circumstances; </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(d) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												direct that a part of the \r\n												premises, or anything in the \r\n												premises, shall be left \r\n												undisturbed for so long as it is \r\n												reasonably necessary for the \r\n												purposes of the test or \r\n												inspection; </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(e) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												take appropriate samples of the \r\n												organisms, articles or \r\n												substances found in the \r\n												premises, an analysis or any \r\n												other thing relevant for the \r\n												purposes of this Act; </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(f) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												in the case of anything found in \r\n												the premises which appears to \r\n												contain genetically modified \r\n												organism which has adversely \r\n												affected or is likely to \r\n												adversely affect the \r\n												environment, the biosafety \r\n												inspector may cause it to be \r\n												dismantled or subjected to a \r\n												process or test but not so as to \r\n												damage or destroy it, unless it \r\n												is necessary; or </span></p>\r\n												<p class="Style" style="margin-right: .7pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(g) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												require the production of the \r\n												records which are required to be \r\n												kept under this Act. </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) In the performance of a \r\n												function under this Act, a \r\n												biosafety inspector shall supply \r\n												the appropriate identification.\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(3) An inspector who without \r\n												reasonable cause acts in \r\n												contravention of a provision of \r\n												subsections (1) and (2) commits \r\n												an offence and is liable on \r\n												summary conviction to a fine of \r\n												not less than two thousand five \r\n												hundred penalty units and not \r\n												more than five thousand penalty \r\n												units or to a term of \r\n												imprisonment of not less than \r\n												five years and not more that ten \r\n												years or to both the fine and \r\n												the term of imprisonment. </span>\r\n												</p>\r\n												<p class="MsoNormal" style="line-height: normal">\r\n												<span style="font-size: 12.0pt; font-family: Arial,sans-serif">\r\n												&nbsp;</span></p>\r\n												<p class="MsoNormal" style="line-height: normal">\r\n												<i>\r\n												<span style="font-size: 12.0pt; font-family: Arial,sans-serif">\r\n												Finance</span></i></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Funds of the Authority </span>\r\n												</p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												35. The funds of the Authority \r\n												include </span></p>\r\n												<p class="Style" style="margin-right: 2.4pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the moneys appropriated by \r\n												Parliament for the purposes of \r\n												the Authority, </span></p>\r\n												<p class="Style" style="margin-right: 2.4pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the moneys that accrue to or \r\n												vest in the Authority in the \r\n												per­formance of its functions \r\n												under this Act, and </span></p>\r\n												<p class="Style" style="margin-right: 2.4pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(c) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the moneys from any other source \r\n												provided for, donated or lent to \r\n												the Authority, </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Investment of funds </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												36. The Authority may </span>\r\n												</p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												invest any of its surplus funds \r\n												in securities, and </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												place on deposit with a bank \r\n												approved by the Minister \r\n												responsible for Finance the \r\n												moneys not immediately required \r\n												for the purposes of the \r\n												Authority. </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Financial year </span></p>\r\n												<p class="Style" style="margin-right: 1.9pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												37. The financial year of the \r\n												Authority shall be the same as \r\n												the financial year of the \r\n												Government. </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Annual estimates </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.9pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												38. (1) Before the commencement \r\n												of each financial year, the \r\n												Board shall prepare the annual \r\n												estimates of revenue and \r\n												expenditure of the Authority for \r\n												the financial year. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.65pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) The annual estimates shall \r\n												make provision for the estimated \r\n												expenditure of the Authority for \r\n												the fmancial year concerned and \r\n												in particular, shall provide for\r\n												</span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the acquisition, maintenance, \r\n												repair and replacement of the \r\n												equipment and any other property \r\n												of the Authority, <i>(b) </i>the \r\n												payment of salaries, allowances \r\n												and any other charges in respect \r\n												of the staff of the Authority, \r\n												and </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(c) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the payment of pensions, \r\n												gratuities and any other charges \r\n												in respect of retirement \r\n												benefits which are payable out \r\n												of the funds of the Authority.\r\n												</span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Accounts and audit </span></p>\r\n												<p class="Style" style="margin-right: 1.9pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												39. (1) The sums of money \r\n												provided in the estimates shall \r\n												not be increased without the \r\n												prior consent of the Board.\r\n												</span></p>\r\n												<p class="MsoNormal" style="line-height: normal">\r\n												<span style="font-size: 12.0pt; font-family: Arial,sans-serif">\r\n												&nbsp;</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.9pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) The Authority shall keep \r\n												proper books and records of \r\n												account of the income, \r\n												expenditure, assets and \r\n												liabilities of the Authority in \r\n												the form approved by the \r\n												Auditor-General. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.9pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(3) Within three months from the \r\n												end of the financial year, the \r\n												Board shall submit for audit to \r\n												the Auditor-General the books \r\n												and accounts of the Authority \r\n												together with </span></p>\r\n												<p class="Style" style="margin-right: 1.2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												a statement of the income and \r\n												expenditure of the Authority on \r\n												the last day of that year, and\r\n												</span></p>\r\n												<p class="Style" style="margin-right: 1.2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												a statement of the assets and \r\n												liabilities of the Authority on \r\n												the last day of that year.\r\n												</span></p>\r\n												<p class="Style" style="margin-right: 2.4pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(4) The accounts of the \r\n												Authority shall be audited and \r\n												reported on in accordance with \r\n												article 187 of the Constitution.\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.9pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(5) The activities and \r\n												operations of the Authority \r\n												shall be accessible to the \r\n												public unless there are reasons \r\n												of commercial confidentiality or \r\n												security, justifying exclusion.\r\n												</span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Miscellaneous </span></i></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Regulations </span></b></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 2.15pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												40. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(1) The Authority may, with the \r\n												prior approval in writing of the \r\n												Minister, and in consultation \r\n												with the Ministers responsible \r\n												for Health and Food and \r\n												Agriculture and any other \r\n												relevant sector Minister make \r\n												Regulations, by legislative \r\n												instrument, for the better \r\n												performance of its functions \r\n												under this Act and in particular \r\n												for prescribing </span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												anything required by this Act to \r\n												be prescribed; </span></p>\r\n												<p class="Style" style="margin-right: 1.2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the procedures for conducting \r\n												contained and confined use \r\n												activities involving genetically \r\n												modified organisms; </span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(c) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the procedures for </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(i) the release of genetically \r\n												modified organisms into </span>\r\n												</p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												the environment, </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 2.4pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(ii) the importation of \r\n												genetically modified organisms, \r\n												(iii) the exportation of \r\n												genetically modified organisms, \r\n												(iv) genetically modified \r\n												organisms in transit; </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: 37.4pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(d) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the procedures for appeals to \r\n												the Appeals Tribunal; <i>(e) </i>\r\n												the forms to be used for \r\n												applications for approvals;\r\n												</span></p>\r\n												<p class="Style" style="margin-right: 1.2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(f) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the schedules of fees to cover \r\n												administrative costs of \r\n												processing applications and \r\n												notices; and </span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(g) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the procedures for deregulation.\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.9pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) Until Regulations are made \r\n												under subsection (1), the \r\n												Biosafety (Management of \r\n												Biotechnology) Regulations, 2007 \r\n												(L.I. 1887) shall continue in \r\n												force as if made under this Act.\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .7pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(3) Despite subsections (I) and \r\n												(2), the Authority may issue \r\n												guidelines in respect of the \r\n												matters referred to in \r\n												subsections (1) and (2). </span>\r\n												</p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Offences and penalties </span>\r\n												</b></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.2pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												41. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(I) </span>\r\n												<span style="font-family: Arial,sans-serif">\r\n												A person commits an offence and \r\n												is liable on conviction to a \r\n												fine of not less than two \r\n												thousand five hundred penalty \r\n												units and not more than five \r\n												thousand penalty units or to a \r\n												term of imprisonment of not less \r\n												than five years and not more \r\n												than ten years or to both the \r\n												fine and the term of \r\n												imprisonment if that person\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												makes contained or confined use, \r\n												releases into the environment, \r\n												places on the market, imports or \r\n												exports, a genetically modified \r\n												organism without the approval of \r\n												the Authority, or </span></p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												contravenes a condition attached \r\n												to an approval under this Act, \r\n												or </span></p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(c) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												fails to furnish an information \r\n												as required by or under this \r\n												Act, or </span></p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(d) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												uses or releases confidential \r\n												information for a purpose not \r\n												authorised by or under this Act, \r\n												or </span></p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(e) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												uses a genetically modified \r\n												organism for mischievous or \r\n												unethical purposes, or </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(f) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												obstructs or fails to assist the \r\n												Authority or officers of the \r\n												Authority in the performance of \r\n												a function under this Act, or\r\n												</span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(g) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												contravenes any other provision \r\n												of this Act. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .7pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) Where a body corporate is \r\n												convicted of an offence \r\n												specified in subsection (1) a \r\n												Director and any other officer \r\n												of that body corporate shall be \r\n												deemed to have committed the \r\n												offence for which the body \r\n												corporate is convicted. </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: .7pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(3) A person shall not be \r\n												convicted of an offence pursuant \r\n												to subsection (2) where it is \r\n												proved to the satisfaction of \r\n												the Court that, having regard to \r\n												the nature of the offence,\r\n												</span></p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												that person did not consent to, \r\n												or did not conninve at, the \r\n												commission of the offence, or\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												that person did exercise the \r\n												degree of res on able diligence \r\n												as ought in the circumstances to \r\n												have been exercised to prevent \r\n												the commission of the offence.\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(4) For the purposes of \r\n												subsections (2) and (3), a body \r\n												corporate includes a firm or \r\n												partnership and those \r\n												subsections shall be construed \r\n												accordingly in the case of a \r\n												firm or partnership. </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Public awareness and \r\n												participation </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												42. (1) The Authority shall \r\n												promote public awareness \r\n												participation and education \r\n												concerning biosafety matters for \r\n												the benefit of the people of the \r\n												Republic through </span></p>\r\n												<p class="Style" style="margin-right: .2pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the publication of this Act and \r\n												of the Regulations in as many \r\n												languages as possible, and\r\n												</span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												public lectures, seminars and \r\n												workshops. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) The Authority shall publish \r\n												notices of final decisions \r\n												concerning applications made \r\n												under this Act in the <i>Gazette\r\n												</i>and the electronic and print \r\n												media. </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Civil liability and redress\r\n												</span></p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												43. Liability or redress for a \r\n												damage that occurs as a result \r\n												of an activity under this Act is \r\n												subject to the applicable laws.\r\n												</span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Interpretation </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												44. In this Act, unless the \r\n												context otherwise requires,\r\n												</span></p>\r\n												<p class="Style" style="margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												&quot;Appeals Tribunal&quot; means the \r\n												Appeals Tribunal established \r\n												under section 26; </span></p>\r\n												<p class="Style" style="margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												&quot;applicant&quot; means a person who \r\n												submits an application pursuant \r\n												to a provision of this Act;\r\n												</span></p>\r\n												<p class="Style" style="margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												&quot;Authority&quot; means the National \r\n												Biosafety Authority established \r\n												under section 3; </span></p>\r\n												<p class="Style" style="text-align: justify">\r\n												<span style="font-family: Arial,sans-serif">\r\n												&quot;biotechnology&quot; means a \r\n												technological application that \r\n												uses biological systems, living \r\n												organisms or derivatives of \r\n												those systems and organisms to \r\n												make or modify products or \r\n												processes for a specific use;\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify">\r\n												<span style="font-family: Arial,sans-serif">\r\n												&quot;biosafety&quot; is a term used to \r\n												describe efforts to reduce and \r\n												eliminate the potential risks \r\n												resulting from biotechnology and \r\n												its products; </span></p>\r\n												<p class="Style" style="text-align: justify">\r\n												<span style="font-family: Arial,sans-serif">\r\n												&quot;confmed use&quot; means a field \r\n												trial of a genetically modified \r\n												organism in an open system in \r\n												which physical barriers are \r\n												employed to effectively limit \r\n												their impact with, and their \r\n												impact on, human and external \r\n												environment; </span></p>\r\n												<p class="MsoNormal" style="line-height: normal">\r\n												<span style="font-size: 12.0pt; font-family: Arial,sans-serif">\r\n												&nbsp;</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .7pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												&quot;contained use&quot; means an \r\n												activity undertaken within a \r\n												facility, an installation or any \r\n												other physical structure which \r\n												involves genetically modified \r\n												organisms that are controlled by \r\n												specific measures; </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .7pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												&quot;genetically modified organism&quot; \r\n												includes an organism that has \r\n												been transformed by the \r\n												insertion of one or more genes, \r\n												or regulatory elements, or an \r\n												organism that has had its own \r\n												genes modified without the \r\n												insertion of any new genes and \r\n												their products; </span></p>\r\n												<p class="Style" style="margin-right: .7pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												&quot;genetically modified organisms \r\n												register&quot; means the register \r\n												maintained under section 23;\r\n												</span></p>\r\n												<p class="Style" style="margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												&quot;Minister&quot; means the Minister \r\n												responsible for Science; \r\n												&quot;placing on the market&quot; means \r\n												making a genetically modified \r\n												organism available on a \r\n												commercial basis; </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .7pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												&quot;precautionary approach&quot; means \r\n												that where there are threats of \r\n												serious or irreversible damage, \r\n												lack of full scientific \r\n												certainty shall not be used as a \r\n												reason for postponing \r\n												cost­effective measures to \r\n												prevent environmental \r\n												degradation; </span></p>\r\n												<p class="Style" style="margin-right: .2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												&quot;Regulations&quot; means the \r\n												Regulations made under this Act; \r\n												and &quot;regulatory agency&quot; means a \r\n												regulatory agency specified in \r\n												the Fifth Schedule. </span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \r\n												SCHEDULES </span></i></p>\r\n												<p class="Style" align="center" style="text-align: center">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												FIRST SCHEDULE</span></b></p>\r\n												<p class="Style" align="center" style="text-align: center">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												&nbsp;</span></b><i><span style="font-family: Arial,sans-serif">(Section \r\n												6) </span></i></p>\r\n												<p class="Style" align="center" style="text-align: center; margin-right: 4.8pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												PROVISIONS AS TO THE CONDUCT OF \r\n												BUSINESS AND AFFAIRS OF THE \r\n												BOARD </span></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Committees and co-opted advisers\r\n												</span></b></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 2.15pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												1. (1) The Board shall establish \r\n												the committees it considers \r\n												appropriate to perform the \r\n												functions and e:x;ercise the \r\n												responsibilities determined by \r\n												the Board. </span></p>\r\n												<p class="Style" style="margin-right: 2.15pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) The findings of a committee \r\n												shall be presented to the Board \r\n												for its consideration and \r\n												determination. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.9pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(3) The Board may at any time \r\n												co-opt a person to attend any of \r\n												its meetings, but a co-opted \r\n												person is not entitled to vote \r\n												on a matter for decision by the \r\n												Board. </span></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Vacation of office </span></b>\r\n												</p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												2. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(1) The appointment of a member \r\n												of the Board, other than an <i>\r\n												ex- </i></span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 107.25pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												officio </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												member, shall be terminated by \r\n												the President <i>(a) </i>on the \r\n												expiry of the appointment, or <i>\r\n												(b) </i>on the death of the \r\n												member, or </span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(c) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												if the member </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.9pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (i) \r\n												&nbsp;&nbsp; is adjudged bankrupt, or is \r\n												sentenced for an offence to a \r\n												term of imprisonment of not less \r\n												than six months, or </span></p>\r\n												<p class="Style" style="margin-right: 2.4pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(ii) is convicted of an offence \r\n												involving fraud, dishonesty or \r\n												moral turpitude, or </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.4pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(iii) is absent, without the \r\n												permission of the Board, from \r\n												three successive meetings of the \r\n												Board for which the member has \r\n												received notice; </span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(d) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												on notice in writing of the \r\n												intention to resign from office; \r\n												or <i>(e) </i>if in the opinion \r\n												of the Board, the member becomes \r\n												by reason of mental or physical \r\n												infirmity, incapable of \r\n												performing the functions of \r\n												office as a member of the Board; \r\n												or </span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(f) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												on the commission of an offence \r\n												under this Act. </span></p>\r\n												<p class="Style" style="margin-right: 3.35pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) A member of the Board may \r\n												resign at any time from office \r\n												in writing addressed to the \r\n												President through the Minister.\r\n												</span></p>\r\n												<p class="Style" style="margin-right: 3.35pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(3) The President may by letter \r\n												addressed to a member revoke the \r\n												appointment of that member.\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.65pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(4) Where a member of the Board \r\n												is, for a sufficient reason, \r\n												unable to act as a member, the \r\n												Minister shall determine whether \r\n												the inability would result in \r\n												the declaration of a vacancy.\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.65pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(5) Where there is vacancy, the \r\n												Minister shall notify the \r\n												President of the vacancy and the \r\n												President shall appoint a person \r\n												to fill the vacancy. </span></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Meetings of board </span></b>\r\n												</p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												3.<span style="font-family: Arial,sans-serif">(1) \r\n												The Board shall meet at least \r\n												four times in every financial \r\n												year. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.65pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) The chairperson shall \r\n												preside at the meetings of the \r\n												Board, and in the absence of the \r\n												chairperson, the members present \r\n												shall elect one of their number \r\n												to preside at the meeting.\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.9pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(3) Unless a unanimous decision \r\n												is reached, a decision on a \r\n												matter before the Board shall be \r\n												determined by a majority of the \r\n												votes of the members present and \r\n												voting, and in the case of an \r\n												equality of votes, the \r\n												chairperson or the member \r\n												presiding shall have a casting \r\n												vote. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.65pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(4) The quorum for the \r\n												transaction of the business of \r\n												the Board is seven members of \r\n												the Board but in respect of \r\n												financial matters or any other \r\n												matter of importance as \r\n												determined by the Board, the \r\n												quorum shall be nine members.\r\n												</span></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Disclosure of interest </span>\r\n												</b></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .7pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												4. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												A member of the Board who has an \r\n												interest, directly or \r\n												indirectly, in an application or \r\n												any other matter which is the \r\n												subject of consideration by the \r\n												Board shall disclose the fact to \r\n												the Board and shall not take \r\n												part in the consideration or \r\n												discussion of or vote on, a \r\n												question in respect of the \r\n												application or that other \r\n												matter. </span></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Seal of the board </span></b>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: .7pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												5. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(l) The seal of the Authority \r\n												shall be authenticated by the \r\n												signatures of the chairperson of \r\n												the Board and the chief \r\n												executive officer of the \r\n												Authority. </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: 1.2pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												(2) In the absence of the \r\n												chairperson, a member of the \r\n												Board designated by the \r\n												chairperson for the purpose may \r\n												authenticate the seal. </span>\r\n												</p>\r\n												<p class="Style" align="center" style="text-align: center; margin-right: 114.0pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SECOND SCHEDULE</span></b></p>\r\n												<p class="Style" align="center" style="text-align: center; margin-right: 114.0pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</span></b><i><span style="font-family: Arial,sans-serif">(Section\r\n												</span>\r\n												<span style="font-family: Arial,sans-serif">\r\n												11) </span></i></p>\r\n												<p class="Style" align="center" style="text-align: center; margin-right: 35.5pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												INFORMATION REQUIRED IN \r\n												APPLICATIONS FOR CONTAINED OR \r\n												CONFINED USE </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												1. An application to conduct \r\n												activities under contained or \r\n												confined use with genetically \r\n												modified organisms under \r\n												contained use shall be submitted \r\n												to the Authority at least sixty \r\n												days before the activities are \r\n												due to begin. </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												2. The application shall include\r\n												</span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the name and contact address of \r\n												the applicant, </span></p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the location where the contained \r\n												use activities are to be \r\n												undertaken, </span></p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(c) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the nature and identity of the \r\n												genetically modified organisms \r\n												to be involved, </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .7pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(d) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the nature and purpose of the \r\n												activities including storing, \r\n												transporting, producing, \r\n												processing, disposing or use of \r\n												the genetically modified \r\n												organisms in any other way,\r\n												</span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(e) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												a description of the potential \r\n												risks associated with the \r\n												genetically modified organism \r\n												activities to be undertaken, <i>\r\n												(f) </i>a description of the \r\n												potential risk associated with \r\n												genetically modified organism \r\n												activities to be undertaken, and\r\n												</span></p>\r\n												<p class="Style" style="margin-right: .45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(g) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												a description of the remedial \r\n												measures to be undertaken for \r\n												unintentional release at the end \r\n												of the acitivity. </span></p>\r\n												<p class="Style" align="center" style="text-align: center; margin-right: 118.05pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												&nbsp;&nbsp; THIRD SCHEDULE </span></b>\r\n												</p>\r\n												<p class="Style" align="center" style="text-align: center; margin-right: 118.05pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(Sections </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												12, 13) </span></p>\r\n												<p class="Style" align="center" style="text-align: center">\r\n												<span style="font-family: Arial,sans-serif">\r\n												INFORMATION REQUIRED IN \r\n												APPLICATIONS FOR RELEASE, \r\n												IMPORTATION AND PLACING ON THE \r\n												MARKET </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												1.<span style="font-family: Arial,sans-serif">N \r\n												arne, address and contact \r\n												details of the exporter. </span>\r\n												</p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												2.<span style="font-family: Arial,sans-serif">N \r\n												arne, address and contact \r\n												details of the importer. </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; text-indent: 0in; margin-left: 0in">\r\n												3.<span style="font-family: Arial,sans-serif">Name \r\n												and identity of the genetically \r\n												modified organism as well as the \r\n												domestic classification of the \r\n												biosafety level of the \r\n												genetically modified organism in \r\n												the country of export. </span>\r\n												</p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												4.<span style="font-family: Arial,sans-serif">Intended \r\n												date of the transboundary \r\n												movement. </span></p>\r\n												<p class="Style" style="text-align: justify; text-indent: 0in; margin-left: 0in">\r\n												5.<span style="font-family: Arial,sans-serif">Taxonomic \r\n												status, scientific and technical \r\n												names, common name, unique \r\n												identifier, transformation code \r\n												or event point collection or \r\n												acquisition and characteristics \r\n												of the recipient organism or \r\n												parental organism related to \r\n												biosafety. </span></p>\r\n												<p class="Style" style="text-align: justify; text-indent: 0in; margin-left: 0in">\r\n												6.<span style="font-family: Arial,sans-serif">Center \r\n												of origin and center of genetic \r\n												diversity, of the recipient \r\n												organism and the parental \r\n												organism and the description of \r\n												the habitat where the organism \r\n												is related to biosafety. </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; text-indent: 0in; margin-left: 0in">\r\n												7.<span style="font-family: Arial,sans-serif">Taxonomic \r\n												status, common name, point of \r\n												collection or acquisition and \r\n												characteristics of the \r\n												modification introduced, the \r\n												technique used and the resulting \r\n												characteristics of the \r\n												genetically modified organism.\r\n												</span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in; margin-right: .2pt">\r\n												8.<span style="font-family: Arial,sans-serif">Intended \r\n												use of the genetically modified \r\n												organism and the products of the \r\n												genetically modified organism.\r\n												</span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in; margin-right: .2pt">\r\n												9.<span style="font-family: Arial,sans-serif">Quantity \r\n												or volume of the genetically \r\n												modified organism to be \r\n												transferred and released. </span>\r\n												</p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												10.<span style="font-family: Arial,sans-serif">The \r\n												appropriate risk assessment \r\n												report. </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												11.<span style="font-family: Arial,sans-serif">Suggested \r\n												methods for the safe handling, \r\n												storage, transport and use, \r\n												including procedures for \r\n												unintentional or accidental \r\n												release. </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												12.<span style="font-family: Arial,sans-serif">A \r\n												sworn declaration of the \r\n												applicant that the above \r\n												mentioned information is \r\n												factually correct. </span></p>\r\n												<p class="Style" align="center" style="text-align: center; margin-right: 109.9pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												&nbsp;</span></b></p>\r\n												<p class="Style" align="center" style="text-align: center; margin-right: 109.9pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												FOURTH SCHEDULE </span></b></p>\r\n												<p class="Style" align="center" style="text-align: center; margin-right: 109.9pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(Section </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												12, 13, 19) </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												&nbsp;&nbsp;&nbsp; \r\n												&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RISK \r\n												ASSESSMENT </span></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Objective of risk assessment\r\n												</span></b></p>\r\n												<p class="Style" style="text-align: justify">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												1. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												The objective of the risk \r\n												assessment is to identify and \r\n												evaluate the potential adverse \r\n												effects of genetically modified \r\n												organisms on health and the \r\n												environment. </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												<b>13.<span style="font-family: Arial,sans-serif">Use \r\n												of risk assessment </span></b>\r\n												</p>\r\n												<p class="Style" style="margin-right: .2pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												2. </span></b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												The risk assessment shall be \r\n												used by the Board to make \r\n												informed decisions regarding \r\n												genetically modified organism.\r\n												</span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												3. The general principles \r\n												guiding risk assessment are,\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												risk assessment shall be carried \r\n												out in a scientifically sound \r\n												and transparent manner and may \r\n												take into account expert advice \r\n												and guiding principles developed \r\n												by relevant organisations;\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												lack of scientific knowledge or \r\n												scientific consensus shall not \r\n												necessarily be interpreted to \r\n												indicate a particular level of \r\n												risk, an absence of risk or an \r\n												acceptable risk; and </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(c) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												risk associated with genetically \r\n												modified organisms or products \r\n												of these organisms shall be \r\n												considered in the context of the \r\n												risk posed by the genetically \r\n												modified organism''s recipient or \r\n												the parental organisms in the \r\n												likely potential receiving \r\n												environment. </span></p>\r\n												<p class="Style"><b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												Methodology </span></b></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												4. To fulfill its objective, \r\n												risk assessment shall entail\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												an identification of any of the \r\n												genotypic and phenotypic \r\n												characteristics associated with \r\n												genetically modified organisms \r\n												that may have an adverse effect \r\n												on the environment; </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												an evaluation of the likelihood \r\n												of these adverse effects being \r\n												realised, taking into account \r\n												the level and the kind of \r\n												exposure of the likely potential \r\n												receiving environment of the \r\n												genetically modified organism;\r\n												</span></p>\r\n												<p class="Style" style="margin-right: 1.9pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(c) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												an evaluation of the \r\n												consequences should these \r\n												effects be realised; </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(d) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												an estimation of the overall \r\n												risk posed by the genetically \r\n												modified organisms based on the \r\n												evaluation of the likelihood and \r\n												consequences of the identified \r\n												adverse effects being realized;\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(e) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												a recommendation as to whether \r\n												or not the risks are acceptable \r\n												or manageable, including \r\n												identification of strategies to \r\n												mange the risk; and </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .95pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(f) </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												where there is uncertainty \r\n												regarding the level of risk, the \r\n												Board may request further \r\n												information on the specific \r\n												issues of concern or may \r\n												recommend appropriate risk \r\n												management strategies and \r\n												monitoring of the genetically \r\n												modified organisms in the \r\n												receiving environment. </span>\r\n												</p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Points to consider </span></p>\r\n												<p class="Style" style="margin-right: 2.15pt">\r\n												<span style="font-family: Arial,sans-serif">\r\n												5. Risk assessment shall take \r\n												into account the relevant \r\n												technical and scientific details \r\n												regarding the characteristics \r\n												of, </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(a) recipient organisms or \r\n												parental organisms: </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												the biological char­acteristics \r\n												of the recipient organism or \r\n												parental organism including \r\n												taxonomic status, common name, \r\n												origin, centers of origin and \r\n												centers of genetic diversity and \r\n												a description of the habitat \r\n												where the organism persists;\r\n												</span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(b) donor organism: </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												taxonomic status and common \r\n												name, source and the relevant \r\n												biological characteristics of \r\n												the donor organisms; </span></p>\r\n												<p class="Style"><i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(c) vector: </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												characteristics of the vector \r\n												including its identity of origin \r\n												and host range; </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(d) insert and characteristics \r\n												of modification: </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												genetic characteristics of the \r\n												inserted nucleic acid and the \r\n												function it specifies and \r\n												characteristics of the \r\n												modification introduced; </span>\r\n												</p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(e) genetically modified \r\n												organisms: </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												identity of the genetically \r\n												modi­fied organisms and the \r\n												differences between the \r\n												biological characteristics of \r\n												the genetically modified \r\n												organisms and those of the \r\n												recipient organism or parental \r\n												organisms; </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(f) </span>\r\n												<span style="font-family: Arial,sans-serif">\r\n												detection and identification of \r\n												genetically modified organisms:\r\n												</span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												suggested detection \r\n												identification methods and the \r\n												specificity, sensitivity and \r\n												reliability; </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(g) information relating to the \r\n												intended use: </span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												information related to the \r\n												intended use of the genetically \r\n												modified organisms including new \r\n												or changed use compared to the \r\n												recipient organism or parental \r\n												organism; </span></p>\r\n												<p class="Style" style="text-align: justify; margin-right: .45pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(h) receiving environment:\r\n												</span></i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												information, the location, \r\n												geographical climatic and \r\n												ecological characteristics \r\n												including relevant information \r\n												on biological diversity and \r\n												centers of origin of the likely \r\n												potential receiving environment.\r\n												</span></p>\r\n												<p class="Style" align="center" style="text-align: center; margin-right: 15.8pt">\r\n												<b>\r\n												<span style="font-family: Arial,sans-serif">\r\n												FIFFH SCHEDULE </span></b></p>\r\n												<p class="Style" align="center" style="text-align: center; margin-right: 15.8pt">\r\n												<i>\r\n												<span style="font-family: Arial,sans-serif">\r\n												(Section 31) </span></i></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; \r\n												REGULATORY AGENCIES </span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												&nbsp;</span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												1.<span style="font-family: Arial,sans-serif">The \r\n												Food and Drugs Board </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												2.<span style="font-family: Arial,sans-serif">The \r\n												Veterinary Services Directorate\r\n												</span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												3.<span style="font-family: Arial,sans-serif">The \r\n												Plant Protection and Regulatory \r\n												Services Directorate </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												4.<span style="font-family: Arial,sans-serif">The \r\n												Environmental Protection Agency\r\n												</span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												5.<span style="font-family: Arial,sans-serif">The \r\n												Customs Division of the Ghana \r\n												Revenue Authority </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in; margin-right: .2pt">\r\n												6.<span style="font-family: Arial,sans-serif">District \r\n												Assemblies, Metropolitan \r\n												Assemblies, Municipal Assemblies \r\n												and any other local government \r\n												authority </span></p>\r\n												<p class="Style" style="text-indent: 0in; margin-left: 0in">\r\n												7.<span style="font-family: Arial,sans-serif">The \r\n												Standards Authority. </span></p>\r\n												<p class="MsoNormal" style="line-height: normal">\r\n												<span style="font-size: 12.0pt; font-family: Arial,sans-serif">\r\n												&nbsp;</span></p>\r\n												<p class="Style">\r\n												<span style="font-family: Arial,sans-serif">\r\n												Date of <i>Gazette </i>\r\n												notification: </span></p>\r\n												<p class="MsoNormal" align="center" style="text-align: center; line-height: normal">\r\n												<span style="font-size: 12.0pt; font-family: Arial,sans-serif">\r\n												&nbsp;</span></td>\r\n                </tr>\r\n              </tbody>\r\n            </table>\r\n          </td>\r\n        </tr>\r\n<tr>\r\n  <td width="76" height="50" bgcolor="#003366">&nbsp;</td>\r\n        </tr>\r\n', 'Fourth', 'Yes', 'ACT 831');
