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<tr>
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                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-align: center">
                                              <b>
                                              <span style="font-family: Arial">
                                              BANKING ACT, 2004 (ACT 673)</span></b></p>
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                                              <b>
                                              <span style="font-family: Arial">&nbsp;</span></b></p>
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                                              <span style="font-family: Arial">
                                              ARRANGEMENT OF SECTIONS</span></p>
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                                              <span style="font-family: Arial">
                                              Section</span></p>
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                                              <span style="font-family: Arial">
                                              PART I&#8212;PRELIMINARY MATTERS</span></p>
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                                              <span style="font-family: Arial">
                                              1. Application of the Companies 
                                              Code</span></p>
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                                              <span style="font-family: Arial">
                                              2. Functions of the Bank of Ghana</span></p>
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                                              <span style="font-family: Arial">
                                              PART II&#8212;LICENSING OF BANKS</span></p>
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                                              <span style="font-family: Arial">
                                              3. Eligibility Restricted to 
                                              Ghanaian Corporate Bodies</span></p>
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                                              <span style="font-family: Arial">
                                              4. Banking Licence Mandatory</span></p>
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                                              <span style="font-family: Arial">
                                              5. Application for Licence</span></p>
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                                              <span style="font-family: Arial">
                                              6. Provisional Approval</span></p>
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                                              <span style="font-family: Arial">
                                              7. Invitation to Public to 
                                              Subscribe to Shares</span></p>
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                                              <span style="font-family: Arial">
                                              8. Final Approval and Issue of 
                                              Banking Licence</span></p>
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                                              <span style="font-family: Arial">
                                              9. Refusal of Licence</span></p>
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                                              <span style="font-family: Arial">
                                              10. Time limit for Decision on 
                                              Application for Banking Licence</span></p>
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                                              <span style="font-family: Arial">
                                              11. Permissible Activities of 
                                              Banks</span></p>
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                                              <span style="font-family: Arial">
                                              12. Restrictions on Commercial, 
                                              Agricultural or Industrial 
                                              Activities and Immovable Property</span></p>
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                                              <span style="font-family: Arial">
                                              13. Grounds for Revoking Licence</span></p>
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                                              <span style="font-family: Arial">
                                              14. Revocation Procedure</span></p>
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                                              <span style="font-family: Arial">
                                              15. Moratorium Due to Revocation 
                                              of Licence</span></p>
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                                              <span style="font-family: Arial">
                                              16. Sanctions for unauthorised 
                                              Banking</span></p>
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                                              <span style="font-family: Arial">
                                              17. Use of Word 'Bank'</span></p>
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                                              <span style="font-family: Arial">
                                              18. Inspection of Suspected 
                                              Institutions doing Banking Without 
                                              Licence</span></p>
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                                              <span style="font-family: Arial">
                                              19. Display of Banking Licence</span></p>
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                                              <span style="font-family: Arial">
                                              20. Places of Business to be 
                                              Licensed</span></p>
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                                              <span style="font-family: Arial">
                                              21. Opening of Representative 
                                              Office</span></p>
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                                              <span style="font-family: Arial">
                                              22. Changes of Regulations of 
                                              Banks</span></p>
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                                              <span style="font-family: Arial">
                                              PART III&#8212;CAPITAL AND RESERVES</span></p>
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                                              23. Capital Adequacy</span></p>
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                                              <span style="font-family: Arial">
                                              24. Additional Capital in Respect 
                                              of Special Risks</span></p>
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                                              <span style="font-family: Arial">
                                              25. Capital Adequacy on 
                                              Consolidated Basis</span></p>
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                                              <span style="font-family: Arial">
                                              26. Notifying Non-compliance with 
                                              Capital Requirement</span></p>
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                                              <span style="font-family: Arial">
                                              27. Penalties for Non-compliance 
                                              with Capital Requirements</span></p>
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                                              <span style="font-family: Arial">
                                              28. Persistent Capital Ratio 
                                              Deficiency</span></p>
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                                              <span style="font-family: Arial">
                                              29. Transfer of Profits to Reserve 
                                              Fund</span></p>
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                                              <span style="font-family: Arial">
                                              30. Restrictions on Declaration of 
                                              Dividend</span></p>
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                                              <span style="font-family: Arial">
                                              PART IV&#8212;LIQUIDITY</span></p>
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                                              <span style="font-family: Arial">
                                              31. Maintenance of Liquid Assets</span></p>
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                                              <span style="font-family: Arial">
                                              32. Notification of Non-compliance 
                                              with Minimum Liquidity 
                                              Requirements</span></p>
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                                              <span style="font-family: Arial">
                                              33. Penalties for Non-compliance 
                                              with Liquidity Requirements</span></p>
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                                              <span style="font-family: Arial">
                                              PART V&#8212;OWNERSHIP AND CONTROL</span></p>
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                                              <span style="font-family: Arial">
                                              34.Transfer of Shares Affecting 
                                              Significant Shareholdings</span></p>
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                                              <span style="font-family: Arial">
                                              35. Disapproval of Transfer of 
                                              Shares</span></p>
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                                              <span style="font-family: Arial">
                                              36. Prohibition of Transfers of, 
                                              and Changes in, the Controlling 
                                              Interests </span></p>
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                                              37. Penalties for Non-compliance</span></p>
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                                              <span style="font-family: Arial">
                                              38. Disqualification of Directors, 
                                              Officers or Employees</span></p>
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                                              <span style="font-family: Arial">
                                              39. Disclosure of Interest</span></p>
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                                              <span style="font-family: Arial">
                                              40. Intervention of the Bank of 
                                              Ghana in Appointments</span></p>
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                                              <span style="font-family: Arial">
                                              PART VI&#8212;RESTRICTIONS ON LENDING 
                                              AND INVESTMENTS</span></p>
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                                              <span style="font-family: Arial">
                                              41. Prohibition of Advances 
                                              Against Security of Own Shares</span></p>
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                                              <span style="font-family: Arial">
                                              42. Limits on Exposures</span></p>
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                                              43. Restrictions on Exposure</span></p>
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                                              <span style="font-family: Arial">
                                              44. Restrictions on Lending to 
                                              Staff</span></p>
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                                              <span style="font-family: Arial">
                                              45. Requirements for Lending to 
                                              Related Parties</span></p>
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                                              <span style="font-family: Arial">
                                              46. Restrictions on Establishment 
                                              of Subsidiary Company</span></p>
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                                              <span style="font-family: Arial">
                                              47. Limits on Investment in 
                                              Respect of Subsidiary Companies</span></p>
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                                              <span style="font-family: Arial">
                                              48. Limits on Investment in 
                                              Respect of Other Institutions</span></p>
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                                              <span style="font-family: Arial">
                                              49. Reporting of Large Exposures</span></p>
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                                              <span style="font-family: Arial">
                                              50. Powers to Vary the Prudential 
                                              Limits</span></p>
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                                              <span style="font-family: Arial">
                                              PART VII&#8212;POWERS OF SUPERVISION AND 
                                              CONTROL </span></p>
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                                              <span style="font-family: Arial">
                                              51. Regulations</span></p>
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                                              <span style="font-family: Arial">
                                              52. Directives</span></p>
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                                              <span style="font-family: Arial">
                                              53. Information and Periodic 
                                              Returns</span></p>
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                                              <span style="font-family: Arial">
                                              54. On-site examination</span></p>
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                                              <span style="font-family: Arial">
                                              55. Investigation or Scrutiny</span></p>
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                                              <span style="font-family: Arial">
                                              56. Power of On-site Examiners</span></p>
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                                              57. Taking Custody of Records</span></p>
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                                              <span style="font-family: Arial">
                                              58. Verification of Information</span></p>
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                                              <span style="font-family: Arial">
                                              59. On-site examination Reports</span></p>
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                                              <span style="font-family: Arial">
                                              60. Follow-up Action on On-site 
                                              Examination Reports</span></p>
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                                              <span style="font-family: Arial">
                                              61. Banks to Co-operate with 
                                              Conservator</span></p>
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                                              <span style="font-family: Arial">
                                              62. Mandatory Revocation of 
                                              Banking Licence</span></p>
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                                              <span style="font-family: Arial">
                                              63. Hearing of Banks in Matters 
                                              Relating to Revocation of Licence</span></p>
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                                              <span style="font-family: Arial">
                                              64. Issue of Final Orders after 
                                              Examining a Bank</span></p>
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                                              <span style="font-family: Arial">
                                              65. Moratorium</span></p>
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                                              <span style="font-family: Arial">
                                              66. Appeal to Minister Against 
                                              Orders of Bank of Ghana</span></p>
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                                              <span style="font-family: Arial">
                                              67. Ceasing of Operations 
                                              following Revocation of Licence</span></p>
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                                              <span style="font-family: Arial">
                                              68. Winding up of Bank and 
                                              Appointment of Liquidator</span></p>
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                                              <span style="font-family: Arial">
                                              69. Voluntary Winding-up</span></p>
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                                              <span style="font-family: Arial">
                                              PART VIII&#8212;ACCOUNTS AND AUDIT</span></p>
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                                              <span style="font-family: Arial">
                                              70. Guidelines on Accounting 
                                              Standards and Disclosures in 
                                              Balance Sheet and Profit and Loss 
                                              Account</span></p>
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                                              <span style="font-family: Arial">
                                              71. Accounting Records</span></p>
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                                              <span style="font-family: Arial">
                                              72. Financial Statements</span></p>
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                                              <span style="font-family: Arial">
                                              73. Audit of Bank's Accounting 
                                              Records</span></p>
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                                              <span style="font-family: Arial">
                                              74. Appointment of Auditors</span></p>
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                                              <span style="font-family: Arial">
                                              75. The Bank of Ghana's Powers to 
                                              Appoint Auditors</span></p>
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                                              <span style="font-family: Arial">
                                              76. Auditor's Remuneration</span></p>
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                                              <span style="font-family: Arial">
                                              77. Auditor's Right to Information</span></p>
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                                              <span style="font-family: Arial">
                                              78. Auditor's Report</span></p>
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                                              <span style="font-family: Arial">
                                              79. Special Audit and Additional 
                                              Information</span></p>
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                                              <span style="font-family: Arial">
                                              80. Termination of Auditor's 
                                              Appointment</span></p>
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                                              <span style="font-family: Arial">
                                              81. Display of Financial 
                                              Statements</span></p>
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                                              <span style="font-family: Arial">
                                              PART IX&#8212;MISCELLANEOUS</span></p>
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                                              <span style="font-family: Arial">
                                              82. Prohibition of Floating Charge</span></p>
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                                              <span style="font-family: Arial">
                                              83. Secrecy of Information</span></p>
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                                              <span style="font-family: Arial">
                                              84. Secrecy of Customer 
                                              Information</span></p>
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                                              <span style="font-family: Arial">
                                              85. Disclosure by the Bank of 
                                              Ghana of Information Relating to 
                                              Banks</span></p>
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                                              <span style="font-family: Arial">
                                              86. Submission of Reports on Trend 
                                              and Progress</span></p>
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                                              <span style="font-family: Arial">
                                              87. Protection for Officials</span></p>
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                                              <span style="font-family: Arial">
                                              88. Offences and Penalties</span></p>
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                                              <span style="font-family: Arial">
                                              89. Joinder of Offences</span></p>
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                                              <span style="font-family: Arial">
                                              90. Interpretation</span></p>
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                                              <span style="font-family: Arial">
                                              91. Repeal of Banking Law, 1989</span></p>
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                                              <span style="font-family: Arial">
                                              92. Validity of Existing Licences</span></p>
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                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">&nbsp;</span></p>
                                              <p class="MsoNormal" style="text-align: center">
                                              <span style="font-family: Arial; font-weight: 700">
                                              THE SIX HUNDRED AND SEVENTY-THIRD</span></p>
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                                              <b></p>
                                              <p class="MsoNormal" style="text-align: center">
                                              <span style="font-family: Arial; font-weight: 700">
                                              ACT OF THE PARLIAMENT OF THE 
                                              REPUBLIC OF GHANA</span></p>
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                                              <span style="font-family: Arial">
                                              ENTITLED</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              THE BANKING ACT, 2004</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              AN ACT to amend and consolidate 
                                              the laws relating to banking, to 
                                              regulate institutions which carry 
                                              on banking business and to provide 
                                              for other related matters.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              DATE OF ASSENT: 29th January, 
                                              2004.</span></p>
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                                              <span style="font-family: Arial">
                                              BE IT ENACTED by Parliament as 
                                              follows:</span></p>
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                                              <span style="font-family: Arial">
                                              PART I&#8212;PRELIMINARY MATTERS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 1&#8212;Application of the 
                                              Companies Code</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) This Act shall be in addition 
                                              to the Companies Code, 1963 (Act 
                                              179) and shall not except as 
                                              otherwise provided in this Act 
                                              derogate from the provisions of 
                                              that Code.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where there is a conflict or 
                                              inconsistency between the 
                                              Companies Code and this Act, the 
                                              provisions of this Act shall 
                                              prevail.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 2&#8212;Functions of the Bank of 
                                              Ghana</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank of Ghana shall have 
                                              an overall supervisory and 
                                              regulatory authority in all 
                                              matters relating to banking 
                                              business and shall be responsible 
                                              for</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) promoting an effective banking 
                                              system;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) dealing with any unlawful or 
                                              improper practices of banks, and
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) considering and proposing 
                                              reforms of the laws relating to 
                                              banking business.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank of Ghana shall 
                                              establish within its Organisation, 
                                              a Banking Supervision Department.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Bank of Ghana may 
                                              authorise the Head of the Banking 
                                              Supervision Department or any 
                                              other official or person to 
                                              exercise a power and do an act 
                                              that it considers appropriate in 
                                              order to discharge its 
                                              responsibilities under this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Bank of Ghana may, in 
                                              relation to the operation of a 
                                              bank, authorise any other person 
                                              either generally or in respect of 
                                              a particular matter, to perform a 
                                              function that otherwise would be 
                                              performed by the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART II&#8212;LICENSING OF BANKS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 3&#8212;Eligibility Restricted 
                                              to Ghanaian Corporate Bodies</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              No person other than a body 
                                              corporate incorporated in Ghana 
                                              shall carry on the business of 
                                              banking in Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 4&#8212;Banking Licence 
                                              Mandatory</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) No person shall carry on the 
                                              business of banking except by or 
                                              under the authority of a licence 
                                              issued in accordance with this 
                                              Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A person who carries on 
                                              banking business without a licence 
                                              commits an offence and is liable 
                                              on summary conviction</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) in the case of a body 
                                              corporate or other body of persons 
                                              to a fine not exceeding three 
                                              thousand penalty units; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) in the case of an individual 
                                              to a fine not exceeding three 
                                              thousand penalty units or to a 
                                              term of imprisonment not exceeding 
                                              ten years.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 5&#8212;Application for Licence</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) An application for a licence 
                                              shall be made in writing to the 
                                              Bank of Ghana and shall be 
                                              accompanied with</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a)&nbsp; a certified true copy of the 
                                              Regulations or other instrument 
                                              relating to the proposed bank or 
                                              under which a person proposing to 
                                              carry on banking business was 
                                              established;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the names, addresses, and 
                                              occupations of persons including 
                                              their corporate affiliations who 
                                              will hold significant 
                                              shareholdings, directly or 
                                              indirectly, in the proposed 
                                              banking business and the 
                                              respective values of the share 
                                              holdings and their certified 
                                              financial positions;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the particulars of the 
                                              directors or key management 
                                              personnel concerned with the 
                                              management of the banking 
                                              business, including their 
                                              background, certified financial 
                                              position, business interests and 
                                              performance of the business 
                                              concerns under their control or 
                                              management;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) the feasibility reports 
                                              including a business plan and 
                                              financial projections for the 
                                              first five years and areas of 
                                              specialisation intended;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) documentary evidence of the 
                                              capital, their sources and other 
                                              sources of funds; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f) any other particulars that the 
                                              Bank may require.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank of Ghana may 
                                              interview the promoter, directors 
                                              and proposed senior management 
                                              personnel in the course of an 
                                              appraisal and may also inspect 
                                              their books and records to satisfy 
                                              itself about the representations 
                                              made or information furnished by 
                                              the applicant.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 6&#8212;Provisional Approval</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank of Ghana may issue a 
                                              provisional approval to the 
                                              applicant on the terms and 
                                              conditions that it considers 
                                              appropriate, if it is satisfied 
                                              that</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the applicant will carry on 
                                              banking business with integrity, 
                                              prudence and the required 
                                              professional competence; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the applicant has an initial 
                                              paid-up capital that is required 
                                              to hold a licence which in the 
                                              case of a</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">(i) 
                                              Ghanaian bank, is not less than 
                                              five billion cedis; or </span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (ii) foreign bank, is not less 
                                              than eight billion cedis, of which 
                                              not less than sixty per cent shall 
                                              be brought into Ghana in 
                                              convertible currency;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (iii) development bank for medium 
                                              or long term financing is not less 
                                              than ten billion cedis; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (iv) rural bank, is not less than 
                                              one hundred million cedis. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank of Ghana may by 
                                              notice published in the Gazette, 
                                              alter the capital requirements, as 
                                              well as any other pre-licensing 
                                              requirements.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 7&#8212;Invitation to Public to 
                                              Subscribe to Shares</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The applicant shall not invite 
                                              capital through public issue of 
                                              shares for the purpose of the 
                                              proposed banking business unless 
                                              the provisional approval is given 
                                              in accordance with section 6.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) An applicant who contravenes a 
                                              provision of subsection (1) 
                                              commits an offence and is liable 
                                              on summary conviction to a fine 
                                              not exceeding 1500 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 8&#8212;Final Approval and Issue 
                                              of Banking Licence</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank of Ghana shall issue to 
                                              the applicant a final approval and 
                                              a licence to carry on banking 
                                              business, after the Bank of Ghana 
                                              is satisfied</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) with the organisational and 
                                              infrastructural arrangements made 
                                              by the applicant, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) that the applicant has 
                                              complied with the terms and 
                                              conditions stipulated in the 
                                              provisional approval.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 9&#8212;Refusal of Licence</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank of Ghana may refuse 
                                              an application for licence to 
                                              carry on banking business if the 
                                              Bank of Ghana is not satisfied 
                                              with the merits of the application 
                                              or in view of prevailing 
                                              conditions in the banking sector 
                                              or in keeping with its banking 
                                              policy.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank of Ghana may give 
                                              reasons for the refusal of an 
                                              application. </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A person whose application is 
                                              refused, may petition the Minister 
                                              in writing. </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Minister shall refer the 
                                              matter to a panel.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The panel shall consist of 
                                              three experts, one chosen by the 
                                              Bank and two by the Minister.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) The panel shall prepare a 
                                              report which shall be submitted to 
                                              the Minister for his decision.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 10&#8212;Time Limit for Decision 
                                              on Application for Banking Licence</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank of Ghana shall 
                                              communicate its decision on an 
                                              application for a banking business 
                                              licence within three months from 
                                              the date of receipt of complete 
                                              information.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 11&#8212;Permissible Activities 
                                              of Banks</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank shall not carry on any 
                                              business other than any of the 
                                              following:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a)&nbsp; acceptance of deposits and 
                                              other repayable funds from the 
                                              public; </span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b)&nbsp; lending;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c)&nbsp; financial leasing;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d)&nbsp; Investment in financial 
                                              securities;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e)&nbsp; money transmission services;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f)&nbsp; issuing and administering 
                                              means of payment including credit 
                                              cards, travellers cheques and 
                                              bankers' drafts;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (g)&nbsp; guarantees and commitments;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (h)&nbsp; trading for own account or 
                                              for account of customers in,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">(i) 
                                              money market instruments,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (ii) foreign exchange, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (iii) transferable securities,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">(i)&nbsp; 
                                              participation in securities issues 
                                              and provision of services related 
                                              to those issues;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (j)&nbsp; advice to undertakings on 
                                              capital structure, acquisition and 
                                              merger of undertaking;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (k)&nbsp; portfolio management and 
                                              advice;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (l) &nbsp;&nbsp;the keeping and 
                                              administration of securities;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (m) credit reference services;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (n)&nbsp; safe custody of valuables;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (o)&nbsp; electronic banking; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (p)&nbsp; any other services as the 
                                              Bank of Ghana may determine.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank of Ghana may, by 
                                              notification, restrict the 
                                              permissible activities of banks in 
                                              general or a class of banks or an 
                                              individual bank or remove the 
                                              restriction so imposed as it 
                                              considers appropriate.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 12&#8212;Restrictions on 
                                              Commercial, Agricultural or 
                                              Industrial Activities and 
                                              Immovable Property</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Subject to subsections (2), 
                                              (3) and (4), a bank shall not 
                                              directly engage in any commercial, 
                                              agricultural or industrial 
                                              undertaking unless it establishes 
                                              for that purpose a subsidiary 
                                              company of the bank registered in 
                                              Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The equity capital invested in 
                                              a subsidiary company by the bank 
                                              shall not exceed fifteen per cent 
                                              of the net worth of the bank and 
                                              where the bank has more than one 
                                              subsidiary company the equity 
                                              capital invested in those 
                                              subsidiary companies by the bank 
                                              shall not exceed in the aggregate 
                                              twenty-five per cent of the net 
                                              worth of the bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The aggregate amount of any 
                                              loan, advance, credit or other 
                                              facility and equity capital which 
                                              a bank may grant and invest under 
                                              subsection (2) shall not at any 
                                              one time exceed</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a)&nbsp; twenty-five percent of the 
                                              net worth of the bank, in the case 
                                              where the bank owns one subsidiary 
                                              company; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) thirty-five percent of the net 
                                              worth of the bank, in the case 
                                              where the bank owns more than one 
                                              subsidiary company.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) A bank shall not build, 
                                              purchase or take a lease of 
                                              immovable property except</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) for the provision of premises 
                                              or housing the business or staff 
                                              of the bank; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) for the provision of amenities 
                                              for its staff.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) Notwithstanding anything in 
                                              this section, a bank may accept 
                                              immovable property as security for 
                                              any debt or other liability and 
                                              may acquire an interest which a 
                                              bank may lawfully acquire in the 
                                              satisfaction of a debt due to it.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) An interest acquired under 
                                              subsection (5) shall be disposed 
                                              of by the bank within one year 
                                              after the acquisition or within a 
                                              longer period that may be 
                                              determined by the Bank of Ghana on 
                                              application made by the bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (7) This section does not prevent 
                                              a bank from letting or subletting 
                                              a part of immovable property which 
                                              is ordinarily used for housing its 
                                              business where the property is in 
                                              excess of the immediate 
                                              requirements of the bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (8) A bank which contravenes a 
                                              provision of this section commits 
                                              an offence and is liable on 
                                              summary conviction to a fine not 
                                              exceeding 1500 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 13&#8212;Grounds for Revoking 
                                              Licence</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank of Ghana may revoke a 
                                              licence granted to a bank under 
                                              section 8, if it is satisfied that</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) it has, in connection with the 
                                              application for the licence, been 
                                              provided with false, misleading or 
                                              inaccurate information by or on 
                                              behalf of the applicant bank or 
                                              that material information has been 
                                              suppressed, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the bank has failed to fulfill 
                                              or comply with the terms and 
                                              conditions stipulated in the 
                                              licence, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the bank has failed to 
                                              commence business within one year 
                                              from the date the licence was 
                                              issued.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The power to revoke a licence 
                                              in terms of subsection (1) are in 
                                              addition to and without prejudice 
                                              to the powers given under section 
                                              63 to revoke a licence or take any 
                                              other penal action under this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 14&#8212;Revocation Procedure</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where the Bank of Ghana 
                                              proposes to revoke the licence of 
                                              a bank, it shall give notice in 
                                              writing to the bank, specifying 
                                              the proposed action and the 
                                              grounds on which the action is 
                                              proposed and give the bank an 
                                              opportunity to make written 
                                              representations within thirty days 
                                              of service of the notice.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) After the expiry of the notice 
                                              period and considering any 
                                              representations made by the bank, 
                                              the Bank of Ghana may decide 
                                              whether to take the proposed 
                                              action or not, or take a variant 
                                              of the proposed action that it 
                                              considers appropriate. </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Where the Bank of Ghana 
                                              revokes the licence of a bank, the 
                                              bank shall cease to do banking 
                                              business if it has already 
                                              commenced banking business and 
                                              shall surrender the licence.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 15&#8212;Moratorium Due to 
                                              Revocation of Licence</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Where the Bank of Ghana considers 
                                              that a delicensed bank is not in a 
                                              position to make orderly and full 
                                              payment to its depositors and 
                                              creditors, it shall simultaneously 
                                              impose a moratorium on payments 
                                              under section 66, pending the 
                                              winding up, or a decision on the 
                                              future set up of the bank or its 
                                              appeal.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 16&#8212;Sanctions for 
                                              Unauthorised Banking</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">A 
                                              person who carries on banking 
                                              business without a licence or 
                                              contravenes section 17 commits an 
                                              offence and is liable on summary 
                                              conviction</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) in the case of a body 
                                              corporate or other body of persons 
                                              to a fine which is equivalent to 
                                              the amount of deposits received in 
                                              contravention of this Act, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) in the case of an individual 
                                              to a fine which is equivalent to 
                                              the amount of deposits received in 
                                              contravention of this Act or to a 
                                              term of imprisonment not exceeding 
                                              five years.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 17&#8212;Use of Word 'Bank'</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A person, other than a bank, 
                                              shall not describe itself or 
                                              otherwise hold itself out as a 
                                              bank, or carry on banking in the 
                                              country.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The use of the word &quot;bank&quot; in 
                                              the name of an association of 
                                              banks or of employees of a bank 
                                              formed for the promotion of mutual 
                                              interests of its members shall not 
                                              be construed as a contravention of 
                                              subsection (1).</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 18&#8212;Inspection of Suspected 
                                              Institutions doing Banking without 
                                              Licence</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank of Ghana may inspect 
                                              or cause to be inspected the 
                                              records of a person, if it has 
                                              reasonable grounds to suspect that 
                                              that person is carrying on a form 
                                              of banking business without 
                                              holding a valid licence issued 
                                              under this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where the Bank of Ghana, upon 
                                              carrying out the inspection, finds 
                                              out that there is evidence to 
                                              prove that an unauthorised banking 
                                              business is carried on, partly or 
                                              wholly, the inspecting official 
                                              may seize the relevant records to 
                                              facilitate prosecution by the 
                                              Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 19&#8212;Display of Banking 
                                              Licence</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank shall display at its 
                                              head office and all its branches 
                                              and agencies, copies of the 
                                              banking licence for the 
                                              information of the public.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A bank which fails to display 
                                              at its head office and all of its 
                                              branches and agencies copies of 
                                              its banking licence shall pay to 
                                              the Bank of Ghana a fine of 1000 
                                              penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 20&#8212;Places of Business to 
                                              be Licensed</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank shall not carry on 
                                              banking business at a place which 
                                              is not a place authorised in 
                                              accordance with this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A bank shall not open, close 
                                              or relocate</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) a branch,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) an agency,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) a mobilization centre, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) its head office,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              for purposes of carrying on 
                                              banking business unless 
                                              specifically authorised by the 
                                              Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A bank which contravenes a 
                                              provision of this section commits 
                                              an offence and is liable on 
                                              summary conviction to a fine not 
                                              exceeding 1000 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 21&#8212;Opening of 
                                              Representative Office</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A foreign bank incorporated 
                                              abroad shall not setup a 
                                              representative office in the 
                                              country, unless it has obtained 
                                              the prior approval in writing of 
                                              the Bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A foreign bank setting up a 
                                              representative office shall apply 
                                              to the Bank of Ghana with the 
                                              information and documents that the 
                                              Bank of Ghana may require, 
                                              including permission from the 
                                              supervisors in the country where 
                                              that bank is incorporated.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A representative office 
                                              permitted to be setup shall not 
                                              transact any form of banking 
                                              business in the country.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) A foreign bank which does not 
                                              comply with this section commits 
                                              an offence and is liable on 
                                              summary conviction to a fine not 
                                              exceeding 2,000 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 22&#8212;Changes of Regulations 
                                              of Banks</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank shall prior to the 
                                              making of an amendment to its 
                                              regulations or other instrument 
                                              under which it was established, 
                                              furnish to the Bank of Ghana 
                                              particulars of the proposed 
                                              amendment for approval.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The bank shall file with the 
                                              Bank of Ghana, a certified copy of 
                                              the amendment within one month 
                                              after it has been effected.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A bank which contravenes this 
                                              section shall pay to the Bank of 
                                              Ghana a fine not exceeding 2500 
                                              penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART III&#8212;CAPITAL AND RESERVES</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 23&#8212;Capital Adequacy</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank shall at all times 
                                              while in operation maintain a 
                                              minimum capital adequacy ratio of 
                                              ten per cent</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank of Ghana may by 
                                              directives prescribe a higher 
                                              capital adequacy ratio with 
                                              respect to a particular bank or 
                                              all banks for the period that the 
                                              Bank may prescribe.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The capital adequacy ratio 
                                              shall be measured as a percentage 
                                              of the adjusted capital base of 
                                              the bank to its adjusted asset 
                                              base in accordance with 
                                              Regulations made by the Bank of 
                                              Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 24&#8212;Additional Capital in 
                                              Respect of Special Risks</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank of Ghana may require a 
                                              bank to maintain additional 
                                              capital backing as it may consider 
                                              appropriate in respect of specific 
                                              concentration of risks.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 25&#8212;Capital Adequacy on 
                                              Consolidated Basis</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank of Ghana may require a 
                                              bank which has a subsidiary to 
                                              calculate and maintain the minimum 
                                              capital adequacy ratio on a 
                                              consolidated basis.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 26&#8212;Notifying 
                                              Non-compliance with Capital 
                                              Requirements</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where a bank falls to comply 
                                              with the prescribed minimum 
                                              capital adequacy ratio, the bank 
                                              shall promptly notify the Bank of 
                                              Ghana of the non-compliance and 
                                              provide the Bank with the 
                                              particulars of that non-compliance 
                                              that the Bank may require.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A bank which fails to notify 
                                              the Bank of Ghana as required 
                                              under subsection (1) commits an 
                                              offence and is liable on summary 
                                              conviction to a fine not exceeding 
                                              1000 penalty unit.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 27&#8212;Penalties for 
                                              Non-compliance with Capital 
                                              Requirements</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank which fails to maintain 
                                              the level of capital adequacy 
                                              ratio determined under section 23 
                                              is liable to pay to the Bank of 
                                              Ghana on each day that the 
                                              deficiency continues as penalty 
                                              one-half per mille of the 
                                              difference between the capital 
                                              adequacy ratio that the bank 
                                              should have maintained and the 
                                              level of capital adequacy actually 
                                              maintained by the bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where the deficiency is not 
                                              rectified within one hundred and 
                                              twenty days after it has occurred, 
                                              the Bank of Ghana may prohibit the 
                                              bank from granting loans or 
                                              credits or making investments or 
                                              accepting deposits.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Each director and chief 
                                              executive officer of a bank which 
                                              fails to comply with the minimum 
                                              capital adequacy ratio commits an 
                                              offence and is liable on summary 
                                              conviction to a fine not exceeding 
                                              500 penalty units that the Bank of 
                                              Ghana may impose.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 28&#8212;Persistent Capital 
                                              Ratio Deficiency</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Where the Bank of Ghana, after 
                                              discussion with a bank is of the 
                                              opinion that the capital ratio 
                                              deficiency will persist, the Bank 
                                              of Ghana shall facilitate merger 
                                              of the bank with a healthy bank or 
                                              wind up or take whatever action 
                                              that the Bank of Ghana considers 
                                              appropriate.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 29&#8212;Transfer of Profits to 
                                              Reserve Fund</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank shall maintain a 
                                              Reserve Fund into which shall be 
                                              transferred out of the bank's net 
                                              profits for each year, before the 
                                              bank declares a dividend and after 
                                              it has made provision for any 
                                              taxes, the following amounts:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) where the amount of the bank's 
                                              Reserve Fund is less than fifty 
                                              per cent of its paid-up capital, 
                                              an amount which is not less than 
                                              fifty per cent of the bank's net 
                                              profit for the year;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) where the amount of the bank's 
                                              Reserve Fund is fifty per cent or 
                                              more but less than hundred per 
                                              cent of its paid up capital, an 
                                              amount which is not less than 
                                              twenty five per cent of the bank's 
                                              net profit for the year; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) where the amount of the bank's 
                                              Reserve Fund is equal to one 
                                              hundred per cent or more of its 
                                              paid-up capital, an amount equal 
                                              to twelve and half per cent of the 
                                              bank's net profit for the year.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A bank which fails to maintain 
                                              a Reserve Fund in accordance with 
                                              subsection (1) commits an offence 
                                              and is liable on summary 
                                              conviction to a fine not exceeding 
                                              1000 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 30&#8212;Restrictions on 
                                              Declaration of Dividend</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank shall not declare or 
                                              pay dividend on its shares unless 
                                              it has,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a)&nbsp; completely written-off all 
                                              its capitalised expenditure,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b)&nbsp; made the required provisions 
                                              for non-performing loans and other 
                                              erosions in assets values,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c)&nbsp; satisfied the minimum capital 
                                              adequacy ratio requirement, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d)&nbsp; completely written-off all 
                                              its accumulated operating losses 
                                              from its normal operations.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) For the purposes of subsection 
                                              (1), &quot;capitalised expenditure&quot; 
                                              includes preliminary expenses, 
                                              share selling commission, 
                                              brokerage losses incurred by the 
                                              bank and any other item of 
                                              expenditure not represented by 
                                              tangible assets.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Where the payment of dividend 
                                              results in withdrawal of a part of 
                                              the free reserves due to 
                                              inadequacy of the profit for the 
                                              year or where the statutory report 
                                              of the auditors on the annual 
                                              accounts of the bank is not 
                                              satisfactory, the bank may declare 
                                              a dividend on its shares only 
                                              after obtaining the prior approval 
                                              in writing of the Bank of Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Where a bank declares or pays 
                                              a dividend in contravention of 
                                              subsection (1) each director of 
                                              the bank is liable to pay to the 
                                              Bank of Ghana a penalty of not 
                                              less than 100 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) A director is not liable to 
                                              pay the penalty if</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the contravention was 
                                              committed without the director's 
                                              consent or connivance by a person 
                                              other than the director,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the director exercised all due 
                                              diligence to prevent the 
                                              commission of the contravention 
                                              having regard to all the 
                                              circumstances.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) A bank which contravenes a 
                                              provision of this section commits 
                                              an offence and is liable on 
                                              summary conviction to a fine not 
                                              exceeding one thousand penalty 
                                              units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART IV&#8212;LIQUIDITY</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 31&#8212;Maintenance of Liquid 
                                              Assets</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank of Ghana may 
                                              prescribe</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) that a bank shall hold liquid 
                                              assets of a specific amount and 
                                              composition,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the amount provided for under 
                                              paragraph (a) either as a certain 
                                              percentage of all the bank's 
                                              deposit liabilities or in any 
                                              other manner, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) different percentages for 
                                              different classes of deposits or 
                                              assets, as the Bank of Ghana may 
                                              determine in any particular case.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where a doubt arises as to 
                                              whether a particular liability of 
                                              a bank is to be regarded as a 
                                              deposit, the doubt shall be 
                                              resolved by the Bank of Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A bank shall, at a time and in 
                                              respect of a period that the Bank 
                                              of Ghana may require, submit to 
                                              the Bank of Ghana a report on the 
                                              liquid assets of the bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) A prescription by the Bank of 
                                              Ghana under this section shall be 
                                              by notice addressed to the bank 
                                              and may be published in the 
                                              Gazette.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) A bank which fails to comply 
                                              with the requirement under 
                                              subsection (3) shall pay to the 
                                              Bank of Ghana a fine not exceeding 
                                              250 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 32&#8212;Notification of 
                                              Non-compliance with Minimum 
                                              Liquidity Requirements</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">A 
                                              bank which fails to comply with 
                                              the required liquidity ratio shall 
                                              promptly notify the Bank of Ghana 
                                              of the non-compliance and provide 
                                              the Bank of Ghana with the 
                                              particulars of the&nbsp; 
                                              non-compliance.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 33&#8212;Penalties for 
                                              Non-compliance with Liquidity 
                                              Requirements </span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank which fails to hold 
                                              liquid assets in accordance with 
                                              section 31 commits an offence and 
                                              is liable in addition to any other 
                                              penalty to pay interest to the 
                                              Bank of Ghana at a rate to be 
                                              prescribed by the Bank of Ghana on 
                                              the difference between the total 
                                              amount of liquid assets which it 
                                              is required to hold and the total 
                                              amount of liquid assets held by 
                                              it, in respect of a period during 
                                              which a difference exists.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank of Ghana may direct 
                                              that during a period specified in 
                                              the direction, the bank</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) shall discontinue or limit in 
                                              a manner specified, the granting 
                                              of credit or the making of 
                                              investments or capital 
                                              expenditure, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) shall not distribute dividends 
                                              to its shareholders.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A bank which makes a fresh 
                                              advance to a person during the 
                                              existence of a deficiency in the 
                                              amount specified of its liquid 
                                              assets without the approval of the 
                                              Bank of Ghana shall pay to the 
                                              Bank of Ghana a fine not exceeding 
                                              500 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              4) A bank which contravenes a 
                                              provision of this section shall, 
                                              in addition, be liable to pay to 
                                              the Bank of Ghana,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) in the case of a contravention 
                                              of subsection (1), a penalty in 
                                              respect of each day during which 
                                              the deficiency continues, of an 
                                              amount calculated as one half per 
                                              mille of the deficiency which 
                                              exists on that day; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) in the case of a contravention 
                                              of subsection (3), a fine of not 
                                              less than 40 Penalty units for 
                                              each day that the contravention 
                                              continues.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) The Bank of Ghana may require 
                                              a bank operating in the country to 
                                              furnish by a specified date 
                                              information and in a form that it 
                                              may consider appropriate to ensure 
                                              compliance with the requirements 
                                              of this section. </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) A bank which fails to furnish 
                                              the information required under 
                                              subsection (5) within the period 
                                              specified shall pay to the Bank of 
                                              Ghana a fine not exceeding 250 
                                              penalty units for each day during 
                                              which the default continues.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (7) The Bank of Ghana may also 
                                              levy on the directors or chief 
                                              executive officer of the 
                                              non-compliant bank or both, a 
                                              penalty in respect of each day 
                                              during which the deficiency 
                                              continues of an amount calculated 
                                              as one half per mille of the 
                                              deficiency which exists on that 
                                              day or any other amounts that the 
                                              Bank of Ghana may consider 
                                              appropriate.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART V&#8212;OWNERSHIP AND CONTROL</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 34&#8212;Transfer of Shares 
                                              Affecting Significant 
                                              Shareholdings</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">A 
                                              person</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) shall not acquire, directly or 
                                              indirectly, shares in a bank 
                                              which, together with existing 
                                              direct or indirect holdings of 
                                              that person, constitute a 
                                              significant shareholding, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) who has a significant 
                                              shareholding, directly or 
                                              indirectly, in a bank, shall not 
                                              sell or dispose of shares in the 
                                              bank to any other person whether 
                                              or not by virtue of the sale or 
                                              disposal that person ceases to 
                                              have significant shareholding in 
                                              the bank,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              unless the Bank of Ghana is 
                                              notified within three months by 
                                              that bank of the acquisition or 
                                              disposal and that bank obtains the 
                                              prior approval in writing of the 
                                              Bank of Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 35&#8212;Disapproval of Transfer 
                                              of Shares</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank of Ghana may disapprove a 
                                              proposed transfer of shares in the 
                                              interest of sound and prudent 
                                              management of a bank by preventing
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the acquisition by a person 
                                              who, in the opinion of the Bank of 
                                              Ghana, may exercise influence to 
                                              the detriment of that bank,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the sale or disposal of shares 
                                              by a promoter or a director, or a 
                                              person who has a controlling 
                                              interest which could be 
                                              detrimental to that bank, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) a transaction in any other 
                                              situation in which the Bank of 
                                              Ghana has reason to believe that 
                                              the transaction will be 
                                              detrimental to that bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 36&#8212;Prohibition of 
                                              Transfers of, and Changes in, the 
                                              Controlling Interests</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A person shall not enter into 
                                              an agreement or arrangement</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) which will result in a change 
                                              in the control of a bank or its 
                                              holding company,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) for the sale, disposal or 
                                              transfer of the whole or a part of 
                                              the business of a bank,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) for the amalgamation or merger 
                                              of a bank with any other bank or 
                                              institution,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) for the reconstruction of a 
                                              bank,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              unless the parties to the 
                                              agreement or arrangement have 
                                              submitted an application on the 
                                              proposed agreement or arrangement 
                                              and all other relevant information 
                                              and documents for the approval of 
                                              the Bank of Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank of Ghana may in 
                                              writing require the applicants or 
                                              any of them or any person who is a 
                                              director or manager of any of the 
                                              applicants to provide any 
                                              additional information or 
                                              documents.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Upon receiving the application 
                                              and any other information and 
                                              documents in accordance with 
                                              subsection (2), the Bank of Ghana 
                                              may consider the application and 
                                              refuse or approve it.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) Where the application is 
                                              approved, it may be made subject 
                                              to the modifications, variations 
                                              or conditions that the Bank of 
                                              Ghana may prescribe.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 37&#8212;Penalties for 
                                              Non-compliance</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where the Bank of Ghana is 
                                              satisfied that a person has 
                                              contravened a provision of section 
                                              34, 35 or 36, it may by directive</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) annul the transfer, merger, 
                                              amalgamation or reconstruction,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) prohibit the exercise of 
                                              voting rights in respect of the 
                                              shares, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) prohibit the payment of 
                                              dividend in respect of the shares, 
                                              or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) prohibit the issue of 'bonus 
                                              shares' or 'rights issue' in 
                                              respect of the shares.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A directive issued by the Bank 
                                              of Ghana under subsection (1), 
                                              shall be in writing and shall be 
                                              binding on the parties to the 
                                              share transfer and the bank 
                                              concerned.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 38&#8212;Disqualification of 
                                              Directors, Officers or Employees</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A person shall not be 
                                              appointed or elected, or accept 
                                              appointment or election, as a 
                                              director, chief executive officer 
                                              or employee of a bank, if that 
                                              person</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) has been declared to be of 
                                              unsound mind or is detained as a 
                                              criminal lunatic under any law in 
                                              force in Ghana,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) has been declared insolvent, 
                                              has entered into terms with any 
                                              person for payment of that 
                                              person's debt or has suspended 
                                              payment of the person's debt,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) is convicted of an offence 
                                              involving fraud, dishonesty or 
                                              moral turpitude,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) has been a director or manager 
                                              or associated with the management 
                                              of an institution which is being 
                                              or has been wound up by a court of 
                                              competent jurisdiction due to 
                                              offences committed under a law or 
                                              a bankruptcy,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e)&nbsp; is a director of another 
                                              bank, </span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (f) is under the age of eighteen 
                                              years, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (g) is not, in the opinion of the 
                                              Bank of Ghana, a fit and proper 
                                              person to be a director.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where a person is subject to a 
                                              disqualification under subsection 
                                              (1) that person shall immediately 
                                              cease to hold office and the bank 
                                              shall immediately terminate the 
                                              appointment of that person.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A person who contravenes a 
                                              provision of subsection (1) 
                                              commits an offence and is liable 
                                              on summary conviction to a fine 
                                              not exceeding 250 penalty units or 
                                              to a term of imprisonment not 
                                              exceeding 12 months.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 39&#8212;Disclosure of Interest</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A person shall before assuming 
                                              office as a director of a bank, 
                                              declare to that bank, that 
                                              person's</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) professional interests or the 
                                              offices that person holds as 
                                              manager, director, trustee or by 
                                              any other designation, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) investment or business 
                                              interests in firms, companies and 
                                              institutions, as a significant 
                                              shareholder, director, partner, 
                                              proprietor or guarantor, with a 
                                              view to prevent a conflict of 
                                              interest with that person's duties 
                                              or interests as a director of the 
                                              bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A director of a bank shall, 
                                              during the tenure of office as a 
                                              director of the bank, declare to 
                                              the board of directors of the 
                                              bank, the changes in the 
                                              director's business interests or 
                                              holding of offices as and when 
                                              they occur.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A director of a bank who has, 
                                              directly or indirectly,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) an interest in a proposed 
                                              credit facility to be given to a 
                                              person by the bank, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) an interest in a transaction 
                                              that is proposed to be entered 
                                              into with any other person,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              shall immediately declare the 
                                              nature and the extent of that 
                                              interest to the board of directors 
                                              and shall not take part in the 
                                              deliberations and the decision of 
                                              the board of directors with 
                                              respect to that request.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) A declaration under subsection 
                                              (3) shall form part of the 
                                              proceedings of the meeting of the 
                                              board of directors.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) A proposal in which a director 
                                              has interest, directly or 
                                              indirectly, shall be considered 
                                              and decided upon by the board of 
                                              directors.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) A person who contravenes a 
                                              provision of this section ceases 
                                              to be a director of the bank and 
                                              the participation of that person 
                                              in an approval by the board of 
                                              directors renders the approval 
                                              unenforceable.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 40&#8212;Intervention of the 
                                              Bank of Ghana in Appointments</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank shall give prior notice 
                                              to the Bank of Ghana before it 
                                              appoints a Managing Director or 
                                              Deputy Managing Director of the 
                                              bank, each of whom shall be 
                                              ordinarily resident in the 
                                              country.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The managing director shall be 
                                              the chief executive of the bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Where the managing director is 
                                              unable to perform the functions of 
                                              the chief executive due to 
                                              illness, absence from the country 
                                              or any other sufficient cause, the 
                                              deputy managing director of the 
                                              bank shall after notifying the 
                                              Bank of Ghana, act as the chief 
                                              executive.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) A bank shall promptly notify 
                                              the Bank of Ghana of the changes 
                                              in the membership of the board of 
                                              directors.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) Where the Bank of Ghana 
                                              considers that a director is not a 
                                              fit and proper person, it shall 
                                              direct the removal of the director 
                                              after hearing the bank. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) A bank which contravenes 
                                              subsection (1) or (4) shall pay to 
                                              the Bank of Ghana a fine of 1000 
                                              penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART VI&#8212;RESTRICTIONS ON LENDING 
                                              AND INVESTMENTS</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 41&#8212;Prohibition of Advances 
                                              against Security of Own Shares</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank shall not grant any 
                                              advances, loans or credit 
                                              facilities including guarantees, 
                                              against the security of,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) its own shares,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the shares of its holding 
                                              company,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the shares of any of its 
                                              subsidiaries, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) the shares of any of the 
                                              subsidiaries of its holding 
                                              company.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A bank which contravenes a 
                                              provision of subsection (1) 
                                              commits an offence and is liable 
                                              on summary conviction to a fine 
                                              not exceeding 1000 penalty units</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 42&#8212;Limits on Exposures</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank shall not take 
                                              financial exposure in respect of 
                                              any one person a group of persons 
                                              which constitutes in the aggregate 
                                              a liability to the bank amounting 
                                              to more than twenty-five per cent 
                                              of the net own funds of the bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) For the purposes of subsection 
                                              (1), the limits of the aggregate 
                                              of unsecured financial exposure 
                                              shall not exceed ten per cent of 
                                              the bank's net own funds.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) Subsection (1) does not apply 
                                              to transactions between banks and 
                                              licensed non-banking financial 
                                              institutions except otherwise 
                                              specified by the Bank of Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) A bank which assumes financial 
                                              exposure in contravention of 
                                              subsection (1) shall pay to the 
                                              Bank of Ghana a fine of 1000 
                                              penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 43&#8212;Restrictions on 
                                              Exposure</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank shall not take 
                                              unsecured financial exposure in 
                                              respect of any of its </span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a)&nbsp; directors or significant 
                                              shareholders,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) firms or companies in which a 
                                              director or a significant 
                                              shareholder is interested as 
                                              director, controlling shareholder, 
                                              partner, proprietor, employee or 
                                              guarantor,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c)&nbsp; holding or subsidiary 
                                              companies of the company in which 
                                              a director is interested, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) directors' relatives or 
                                              significant shareholders' 
                                              relatives, </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              unless the prior written approval 
                                              of the Bank of Ghana is obtained 
                                              in respect of that unsecured 
                                              exposure.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where the financial exposure 
                                              is on secured basis, the aggregate 
                                              liability to the bank in respect 
                                              of a director or significant 
                                              shareholder or their related 
                                              parties, as indicated in 
                                              subsection (1), shall not exceed 
                                              ten per cent of the bank's net own 
                                              funds.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The board of the bank shall be 
                                              the only authority to approve or 
                                              sanction any financial exposures 
                                              of the bank to any of its 
                                              directors or significant 
                                              shareholders or related parties 
                                              specified in subsections (1) and 
                                              (2).</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The financial exposure of a 
                                              bank shall not be written off or 
                                              waived fully or partially, without 
                                              the sanction of the bank's board 
                                              and the prior approval in writing 
                                              of the Bank of Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) A bank which contravenes a 
                                              provision of this section shall 
                                              pay to the Bank of Ghana a fine of 
                                              1000 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (6) For the purposes of this 
                                              section &quot;relative&quot; includes 
                                              spouse, son, daughter, step son, 
                                              step daughter, brother, sister, 
                                              father and mother.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 44&#8212;Restrictions on Lending 
                                              to Staff</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank shall not grant to any 
                                              of its officers and employees any 
                                              unsecured advances or credit 
                                              facilities, the aggregate amount 
                                              of which exceeds two years' salary 
                                              of the officer or employee.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) In the case of advances 
                                              granted to an executive officer of 
                                              a bank or related parties, the 
                                              limitations that are applicable to 
                                              directors under subsections (1) to 
                                              (5) of section 43 shall apply to 
                                              the executive officer.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A bank which grants unsecured 
                                              advances or credit facilities in 
                                              contravention of subsection (1) is 
                                              liable to pay to the Bank of Ghana 
                                              a fine of an amount calculated as 
                                              one-half per mille of the 
                                              over-exposure which exists on that 
                                              day and shall in addition be 
                                              liable to pay to the Bank of Ghana 
                                              a penalty not exceeding 1000 
                                              penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 45&#8212;Requirements for 
                                              Lending to Related Parties</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) In considering the approval of 
                                              credit facilities to any of its 
                                              directors, executive officers or 
                                              the persons connected to them, 
                                              under sections 43 and 44 (2), a 
                                              bank shall satisfy itself that</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the person to whom the credit 
                                              facility is given has credit 
                                              worthiness which is not less than 
                                              that normally required by the bank 
                                              or other persons to whom credit 
                                              facilities are given;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the terms of the credit 
                                              facility are not less favourable 
                                              to the bank than those normally 
                                              offered to other persons; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the giving of the credit 
                                              facility is in the interests of 
                                              the bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The credit facility shall be 
                                              approved by all other directors of 
                                              the bank at a duly constituted 
                                              meeting of the directors where not 
                                              less than three quarters of all 
                                              the directors of the bank are 
                                              present and the approval has been 
                                              recorded in the minutes of that 
                                              meeting.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A bank which contravenes 
                                              subsections (1) and (2) shall pay 
                                              to the Bank of Ghana a fine not 
                                              exceeding 1000 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 46&#8212;Restriction on 
                                              Establishment of Subsidiary 
                                              Company</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank shall not establish a 
                                              subsidiary company without the 
                                              prior approval in writing of the 
                                              Bank of Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A bank which establishes a 
                                              subsidiary company contrary to 
                                              subsection (1) commits an offence 
                                              and is liable on summary 
                                              conviction to a fine not exceeding 
                                              1000 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 47&#8212;Limits on Investment in 
                                              Respect of Subsidiary Companies</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The equity capital invested by 
                                              a bank in its subsidiary company 
                                              shall not exceed fifteen per cent 
                                              of the net own funds of the bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where the bank has more than 
                                              one subsidiary company, the 
                                              aggregate of equity capital 
                                              invested in all the subsidiary 
                                              companies by the bank shall not 
                                              exceed twenty-five per cent of its 
                                              net own funds.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The aggregate amount of 
                                              financial exposure including the 
                                              credit facilities which a bank may 
                                              take in respect of its 
                                              subsidiaries, shall not exceed</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) twenty-five per cent of the 
                                              bank's net own funds where the 
                                              bank has only one subsidiary 
                                              company, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) thirty-five per cent of the 
                                              bank's net own funds where the 
                                              bank has more than one subsidiary 
                                              company.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) A bank which contravenes a 
                                              provision of this section commits 
                                              an offence and is liable on 
                                              summary conviction to a fine not 
                                              exceeding 1000 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 48&#8212;Limits on Investment in 
                                              Respect of Other Institutions</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank shall not invest or 
                                              hold investments in the share 
                                              capital of a body corporate or an 
                                              institution other than its 
                                              subsidiaries, the aggregate amount 
                                              of which exceeds ten per cent of 
                                              the net own funds of the bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A bank which contravenes 
                                              subsection (1) is liable to pay to 
                                              the Bank of Ghana a fine not 
                                              exceeding 1000 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 49&#8212;Reporting of Large 
                                              Exposures</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank shall report to the 
                                              Bank of Ghana, the particulars of 
                                              each large financial exposure, in 
                                              the form and at the intervals, 
                                              that the Bank of Ghana may 
                                              require.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A bank which fails to comply 
                                              with subsection (1) is liable to 
                                              pay to the Bank of Ghana a fine 
                                              not exceeding 1000 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 50&#8212;Powers to Vary the 
                                              Prudential Limits</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank of Ghana may vary any of 
                                              the prudential limits that are 
                                              prescribed under the various 
                                              provisions of Part VI, for all the 
                                              banks or a particular bank, for 
                                              the period that the Bank of Ghana 
                                              thinks fit.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART VII&#8212;POWERS OF SUPERVISION AND 
                                              CONTROL</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 51&#8212;Regulations</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Minister may, after 
                                              consultation with the Bank of 
                                              Ghana, by legislative instrument 
                                              make regulations prescribing 
                                              anything required or authorised to 
                                              be prescribed under this Act or 
                                              such regulations as may be 
                                              necessary to give full effect to 
                                              the provisions of this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 52&#8212;Directives</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank of Ghana may issue 
                                              directives to banks generally or 
                                              to a particular bank where the 
                                              Bank of Ghana is satisfied that</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) it is necessary to secure the 
                                              proper management of a bank 
                                              generally,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) it is necessary to prevent the 
                                              affairs of a bank being conducted 
                                              in a manner detrimental to the 
                                              interests of depositors or 
                                              prejudicial to the interests of 
                                              the bank, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) it is necessary in the 
                                              interests of bank policy.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Bank of Ghana may issue 
                                              directives providing for:</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) accounting, management 
                                              information and internal controls 
                                              including, </span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">(i) 
                                              the accuracy and reliability of 
                                              the accounting system in general, 
                                              and the completion of the 
                                              prudential returns of the banking 
                                              supervision department, </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (ii) the effectiveness of 
                                              management information systems, 
                                              and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (iii)&nbsp; the effectiveness and 
                                              enforcement of internal controls;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) comments to be made on the 
                                              financial accounts of the bank 
                                              which shall contain, among others,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">(i) 
                                              the financial performance of the 
                                              bank during a period under review 
                                              including the reliability and 
                                              composition of reported earnings, 
                                              the breakdown and analysis of 
                                              operating costs, the liquidity and 
                                              capital adequacy ratios,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (ii) the accounting policies and 
                                              valuation criteria applied in the 
                                              preparation of the accounts,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (iii) re-classifications and other 
                                              adjustments made by the auditors 
                                              to the accounts originally 
                                              submitted for audit,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (iv) details of the adjustments 
                                              not made to the accounts because 
                                              they are not considered to be 
                                              material,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (v) details of the areas where the 
                                              manual of accounting for banks 
                                              issued by the Bank of Ghana has 
                                              not been complied with,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (vi) the full accounts of the bank 
                                              for the period under review;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) regarding the adequacy of 
                                              provisions made</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">(i)&nbsp; 
                                              against the advances portfolio 
                                              investment and other assets 
                                              accounts,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (ii) against off-balance sheet 
                                              items, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (iii)&nbsp; for credits, accruals and 
                                              other liabilities;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; text-indent: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) audit work including</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">(i)&nbsp; 
                                              the adequacy of work undertaken by 
                                              the bank's internal audit 
                                              department, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (ii) the amount of audit work 
                                              undertaken in particular areas 
                                              including scope of tests, sampling 
                                              criteria, coverage achieved, 
                                              extended work, confirmation 
                                              exercise with third parties.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Bank of Ghana may modify a 
                                              directive issued under subsections 
                                              (1) and (2) as it considers fit 
                                              and those banks or that bank shall 
                                              comply with the modification.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) A bank which fails to comply 
                                              with the Bank of Ghana directives 
                                              is liable to pay to the Bank of 
                                              Ghana a fine not exceeding 1000 
                                              penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 53&#8212;Information and 
                                              Periodic Returns</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank of Ghana shall, for 
                                              the purposes of supervision, 
                                              require a bank to submit to it any 
                                              information or data relating to 
                                              the assets, liabilities, income, 
                                              expenditure of that bank, or any 
                                              of that bank's affairs, in the 
                                              prescribed form, at an interval 
                                              and within the times that the Bank 
                                              of Ghana may stipulate and that 
                                              bank shall comply with the 
                                              requirement.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank of Ghana may impose 
                                              fines not exceeding 500 penalty 
                                              units on a bank for,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a)&nbsp; non submission,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) incomplete submission,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c)&nbsp; delayed submission, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d)&nbsp; inaccurate submission,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              of the required information, data, 
                                              statements or returns.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 54&#8212;On-site Examination</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank of Ghana shall, 
                                              without prior notice, carry out an 
                                              examination of the operations and 
                                              affairs of a bank, with reference 
                                              to its books and records including 
                                              documents, at intervals of not 
                                              less than once a year.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The examination shall be 
                                              carried out in a month of the year 
                                              as the Bank of Ghana may consider 
                                              appropriate.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 55&#8212;Investigation or 
                                              Scrutiny</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Without prejudice to its powers to 
                                              examine banks under section 54, 
                                              the Bank may carry out 
                                              investigations or scrutiny into a 
                                              specific matter relating to a 
                                              bank's affairs and for that 
                                              purpose the Bank of Ghana shall 
                                              have the necessary powers.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 56&#8212;Power of On-site 
                                              Examiners</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A person who is authorised by 
                                              the Head of Banking Supervision to 
                                              examine or investigate or for any 
                                              other purpose, shall have a right 
                                              of access to the bank's books and 
                                              records including documents, 
                                              minute books, customer files, 
                                              personnel files, cash and 
                                              securities and information in an 
                                              electronic medium, and the bank 
                                              shall cooperate and assist that 
                                              person.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A person who is authorised by 
                                              the Head of Banking Supervision to 
                                              examine or investigate or for any 
                                              other purpose shall have a right 
                                              to call upon any director, officer 
                                              or any other employee of a bank to 
                                              furnish that person any 
                                              information and explanation which 
                                              that authorised person may 
                                              consider necessary and that 
                                              official shall comply.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A person who is authorised by 
                                              the Head of Banking Supervision 
                                              may, if that person considers it 
                                              necessary in the course of an 
                                              examination or investigation of a 
                                              bank, order any bank official or 
                                              employee, orally or in writing, to 
                                              attend before that authorised 
                                              person and testify in relation to 
                                              a matter under examination and the 
                                              bank official or employee shall 
                                              comply with the order.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) A non-compliance with a 
                                              requirement of subsections (1) to 
                                              (3) or obstructing the authorised 
                                              person from discharging those 
                                              duties, is an offence under this 
                                              Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) A bank which or a person who 
                                              fails to comply with any provision 
                                              of this section is liable to pay 
                                              to the Bank of Ghana a fine not 
                                              exceeding 1000 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 57&#8212;Taking Custody of 
                                              Records</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) An official of the Bank of 
                                              Ghana, who is authorised to carry 
                                              out an examination or 
                                              investigation of a bank may, if 
                                              that official considers it 
                                              necessary, by an order in writing 
                                              issued to the chief executive of 
                                              that bank, take custody of any 
                                              records, files or any other 
                                              documents relevant to the 
                                              examination or investigation after 
                                              giving to that bank due 
                                              acknowledgement in writing.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank of Ghana official 
                                              authorised under subsection (1) 
                                              shall take reasonable care to 
                                              protect that document in that 
                                              official's custody and account for 
                                              its disposal.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 58&#8212;Verification of 
                                              Information</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Head of Banking 
                                              Supervision may authorise any of 
                                              its officials or qualified 
                                              auditors to verify with reference 
                                              to a bank's books and records, any 
                                              return, information or data 
                                              furnished to it by that bank and 
                                              report on its accuracy.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The bank shall provide access 
                                              and facilities to the authorised 
                                              official or auditor to carry out 
                                              the official's or auditor's task.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A bank which fails to provide 
                                              access and facilities to the 
                                              authorised officer is liable to 
                                              pay to the Bank of Ghana a fine 
                                              not exceeding 1000 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 59&#8212;On-site Examination 
                                              Reports</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where an examination has been 
                                              conducted by the Bank of Ghana 
                                              under section 54, the Bank of 
                                              Ghana shall furnish a copy of its 
                                              report to the bank and call upon 
                                              the bank to provide within thirty 
                                              days from the date of the receipt 
                                              of the report a written 
                                              explanation on the findings 
                                              contained in the report and action 
                                              taken, within a specified time.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A bank which fails to submit 
                                              its explanation under subsection 
                                              (1) is liable to pay to the Bank 
                                              of Ghana a fine not exceeding 1000 
                                              penalty units. </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 60&#8212;Follow-up Action on 
                                              On-site Examination Reports</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank of Ghana may, after 
                                              examining a bank's explanation 
                                              issue a directive based on the 
                                              explanation to that bank to take 
                                              the remedial action that the Bank 
                                              of Ghana may specify and that bank 
                                              shall comply with the directive.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A bank which fails to comply 
                                              with a directive under subsection 
                                              (1), is liable to pay to the Bank 
                                              of Ghana a fine not exceeding 1000 
                                              penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 61&#8212;Banks to Co-operate 
                                              with Conservator</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Each director and official of 
                                              the bank shall co-operate and 
                                              assist the conservator to carry 
                                              out the conservator's 
                                              responsibilities under this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A director or bank official 
                                              who obstructs the conservator in 
                                              the performance of the 
                                              conservator's functions commits an 
                                              offence and is liable on summary 
                                              conviction to a fine not exceeding 
                                              500 penalty units or to a term of 
                                              imprisonment not exceeding 2 
                                              years.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 62&#8212;Mandatory Revocation of 
                                              Banking Licence</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank of Ghana shall revoke 
                                              the licence given to a bank to 
                                              carry on banking business when the 
                                              entire capital base of the bank is 
                                              eroded and the liabilities exceed 
                                              the assets unless the shareholders 
                                              are able to inject additional 
                                              capital to restore the bank to 
                                              normalcy within six months from 
                                              the time of the capital erosion.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) On the revocation of the 
                                              licence under subsection (1), the 
                                              Bank of Ghana shall impose a 
                                              moratorium under section 65 and 
                                              petition the High Court for the 
                                              winding up of the bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 63&#8212;Hearing of Banks in 
                                              Matters Relating to Revocation of 
                                              Licence</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) When the Bank of Ghana intends 
                                              to take an action under section 
                                              62, it shall give notice in 
                                              writing to the bank or to the 
                                              director or the managing director, 
                                              and give the bank and that 
                                              director or managing director an 
                                              opportunity to submit any 
                                              explanations within a specified 
                                              time.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Notwithstanding subsection 
                                              (1), if the Bank of Ghana is of 
                                              the opinion that delaying the 
                                              intended action is not in the 
                                              interests of the bank, it may 
                                              proceed with its intended action 
                                              and give a hearing to the persons 
                                              affected by the action. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 64&#8212;Issue of Final Orders 
                                              after Examining a Bank</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank of Ghana may, after 
                                              examining the explanations of the 
                                              bank, the director or the managing 
                                              director at any stage,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) confirm the action already 
                                              taken, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) decide to take the action 
                                              indicated in the notice to the 
                                              bank or to the persons affected by 
                                              the action, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) modify the action, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) cease or refrain from taking 
                                              any other action, </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              as it may consider fit and issue 
                                              orders in writing accordingly.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 65&#8212;Moratorium</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank of Ghana may, if it</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) is satisfied that a bank is 
                                              temporarily or otherwise not 
                                              likely to meet its obligations in 
                                              full to its depositors or 
                                              creditors, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) intends to revoke a licence 
                                              issued to a bank to carry on 
                                              banking business, </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              order the bank to suspend banking 
                                              operations including payments to 
                                              depositors or creditors, either in 
                                              full or partially, for a limited 
                                              period not exceeding ninety days 
                                              from the date of notice, to 
                                              facilitate arrangements for 
                                              orderly payments or pending 
                                              decision on the bank's future set 
                                              up.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) An order issued under 
                                              subsection (1) may be extended for 
                                              a further period not exceeding 
                                              ninety days or modified as the 
                                              Bank of Ghana may consider fit.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 66&#8212;Appeal to Minister 
                                              Against Orders of the Bank of 
                                              Ghana</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank, the director or the 
                                              managing director aggrieved by an 
                                              order issued by the Bank of Ghana 
                                              under section 65, may appeal or 
                                              submit representations to the 
                                              Minister of Finance, within 
                                              fourteen days from the date of 
                                              receipt of the Bank's order.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Minister shall give a 
                                              hearing to the bank, the director, 
                                              or the managing director and the 
                                              Bank of Ghana and take a decision 
                                              on the appeal or representations 
                                              within one month from the date of 
                                              receipt of the appeal or 
                                              representations.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The Minister shall not at any 
                                              stage of the appeal or 
                                              representations, make an interim 
                                              order suspending operation of a 
                                              moratorium order issued by the 
                                              Bank of Ghana under section 65.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 67&#8212;Ceasing of Operations 
                                              Following Revocation of Licence</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where the Bank of Ghana 
                                              revokes a banking licence, the 
                                              bank shall cease operations, if 
                                              the bank has not ceased operation 
                                              following an order of moratorium, 
                                              and surrender the licence to the 
                                              Bank of Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A bank which fails to comply 
                                              with subsection (1) commits an 
                                              offence and every director is 
                                              liable on summary conviction to a 
                                              fine of not less than 1000 penalty 
                                              units or in default, to a term of 
                                              imprisonment not exceeding 5 
                                              years.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 68&#8212;Winding up of Bank and 
                                              Appointment of Liquidator</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Where the Bank of Ghana</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) has revoked the banking 
                                              license of a bank, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b)&nbsp; is of the opinion that the 
                                              bank is not likely to pay its 
                                              depositors and creditors in full, 
                                              it may, notwithstanding the 
                                              provisions of the Bodies Corporate 
                                              (Official Liquidations) Act, 1963 
                                              (Act 180) or any other law, 
                                              appoint a liquidator to wind up 
                                              the affairs of the affected bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank of Ghana shall by 
                                              legislative instrument make 
                                              regulations prescribing the 
                                              procedure necessary to give effect 
                                              to this section of the Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A person who is not satisfied 
                                              with the decision of the Bank of 
                                              Ghana or of the liquidator may 
                                              petition the Minister, who shall 
                                              refer the matter to an official 
                                              mediator for consideration.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (4) The Minister shall adopt the 
                                              decision or the settlement terms 
                                              of the mediation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (5) Where the mediation fails to 
                                              arrive at a settlement, the 
                                              Minister shall decide the matter, 
                                              taking into consideration the 
                                              findings and conclusions of the 
                                              mediation.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 69&#8212;Voluntary Winding-up</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) Notwithstanding anything to 
                                              the contrary in the Companies Code 
                                              1963 (Act 179) or any other law, a 
                                              bank shall not voluntarily wind up 
                                              unless the Bank of Ghana has 
                                              certified in writing that the bank 
                                              is able to meet its obligations in 
                                              full to the depositors and 
                                              creditors as the obligations 
                                              accrue.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) If the Bank of Ghana, at any 
                                              stage of the voluntary winding up, 
                                              considers that the bank which is 
                                              being wound up is unable to meet 
                                              its obligations in full to 
                                              depositors or creditors, the Bank 
                                              of Ghana shall appoint a 
                                              liquidator to wind up the affairs 
                                              of the bank and the provisions of 
                                              subsections (2) to (5) of section 
                                              68 shall apply.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              PART VIII&#8212;ACCOUNTS AND AUDIT</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 70&#8212;Guidelines on 
                                              Accounting Standards and 
                                              Disclosures in Balance Sheet and 
                                              Profit and Loss Account</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank of Ghana may lay down 
                                              the guidelines to be followed by 
                                              banks in respect of accounting 
                                              policies, practices, presentation 
                                              of annual accounts and disclosure 
                                              of information in the annual 
                                              accounts.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A bank which does not comply 
                                              with subsection (1) shall pay to 
                                              the Bank of Ghana a fine not 
                                              exceeding 1000 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 71&#8212;Accounting Records</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank shall keep accounting 
                                              records in a manner that gives an 
                                              accurate and reliable account of 
                                              its transactions and the accounts 
                                              prepared from the records shall 
                                              give a true and fair view of the 
                                              state of affairs of the bank and 
                                              its results for the accounting 
                                              period.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The accounting records of the 
                                              bank shall be kept at the bank's 
                                              head office in Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A bank which contravenes a 
                                              provision of this section commits 
                                              an offence and is liable on 
                                              summary conviction to a fine not 
                                              exceeding one thousand penalty 
                                              units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 72&#8212;Financial Statements</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank shall prepare, at the 
                                              expiration of each calendar year, 
                                              in respect of the business 
                                              transacted by it with reference to 
                                              that year, financial statements 
                                              comprising balance sheet, profit 
                                              and loss account and cash flow 
                                              statement.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The financial statements 
                                              referred to in subsection (1) 
                                              shall be approved by the board of 
                                              directors of the Bank and signed 
                                              by at least two directors of the 
                                              bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A bank which fails to prepare 
                                              a financial statement in 
                                              accordance with this section is 
                                              liable to pay to the Bank of 
                                              Ghana, a fine not exceeding 1000 
                                              penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 73&#8212;Audit of Bank's 
                                              Accounting Records</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The balance sheet and profit and 
                                              loss account referred to in 
                                              section 73 and the accounting 
                                              records of the bank for the period 
                                              shall be audited by qualified 
                                              auditors duly appointed in 
                                              accordance with this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 74&#8212;Appointment of Auditors</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) An auditor of a bank shall, 
                                              except as provided in subsection 
                                              (2) of this section and subsection 
                                              (2) of section 75 be appointed at 
                                              an annual general meeting of the 
                                              bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The directors of a bank may 
                                              appoint</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a)&nbsp; the first auditor of the 
                                              bank; or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) an auditor to act in place of 
                                              the auditor who is for any reason 
                                              unable or unwilling to act until a 
                                              new auditor is appointed at an 
                                              annual general meeting or until 
                                              the Bank of Ghana appoints an 
                                              auditor under section 75(2).</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A person shall not be 
                                              appointed an auditor of a bank 
                                              unless that person</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) is a member of the Institute 
                                              of Chartered Accountants under the 
                                              Chartered Accountants Act, 1963 
                                              (Act 170); or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) is not disqualified by a law 
                                              in force in this country or in any 
                                              other country from being appointed 
                                              as an auditor of a body corporate.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 75&#8212;The Bank of Ghana's 
                                              Powers to Appoint Auditors</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank which for a continuous 
                                              period of three months is without 
                                              an auditor shall notify the Bank 
                                              of Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank of Ghana shall upon 
                                              being notified under subsection 
                                              (1) appoint an auditor for that 
                                              bank to hold office until the next 
                                              annual general meeting of that 
                                              bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A bank which fails to notify 
                                              the Bank of Ghana as required 
                                              under subsection (1) shall pay to 
                                              the Bank of Ghana a fine not 
                                              exceeding 1000 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 76&#8212;Auditor's Remuneration</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The remuneration of an auditor 
                                              of a bank shall be determined in 
                                              accordance with section 134(10) of 
                                              the Companies Code, 1963 (Act 
                                              179).</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where for any reason an 
                                              auditor is appointed to fill a 
                                              temporary vacancy in the office of 
                                              the bank's auditor, that auditor 
                                              shall be paid an equitable 
                                              proportion of the remuneration 
                                              fixed under subsection (1) as the 
                                              bank, having regard to all the 
                                              circumstances of the case, may 
                                              determine.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 77&#8212;Auditor's Right to 
                                              Information</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) An auditor of a bank shall 
                                              have </span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) a right of access to the 
                                              accounting records, minutes book, 
                                              files and other relevant 
                                              documentary evidence, cash and 
                                              securities of the bank, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) a right to request information 
                                              and explanation from the 
                                              directors, management, staff and 
                                              appointed agents of the bank 
                                              requisite for the efficient 
                                              performance of the duties of the 
                                              auditor.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) For the purposes of subsection 
                                              (1) &quot;accounting records&quot; include 
                                              computerised and manual files, 
                                              vouchers, reports and other 
                                              transactions of the bank. </span>
                                              </p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 78&#8212;Auditor's Report </span>
                                              </b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) An auditor of a bank shall 
                                              submit </span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) to that bank, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) to the Bank of Ghana,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              at least once in every year, a 
                                              statutory audit report and a long 
                                              form audit report.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The auditor shall state in the 
                                              statutory report whether or not</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the accounts give a true and 
                                              fair view of the state of affairs 
                                              of the bank and its results for 
                                              the period under review;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the auditor was able to obtain 
                                              all the information and 
                                              explanation required for the 
                                              efficient performance of the 
                                              auditor's duties;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c) the bank's transactions are 
                                              within the powers of the bank; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) the bank has complied with the 
                                              provisions of this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) The auditor shall submit a 
                                              long form audit report on the 
                                              accounts and the affairs of the 
                                              bank generally and in addition 
                                              comment on the matters to be 
                                              specified in Regulations made by 
                                              the Bank of Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 79&#8212;Special Audit and 
                                              Additional Information</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              The Bank of Ghana may, at the 
                                              expense of a bank,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) require the auditor to 
                                              undertake a further audit or 
                                              provide additional information or 
                                              both as the Bank of Ghana 
                                              considers necessary or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) engage an independent auditor 
                                              to audit the whole or part of the 
                                              accounts of the bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 80&#8212;Termination of 
                                              Auditor's Appointment</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) An auditor of a bank shall 
                                              cease to act as an auditor if</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) the Bank of Ghana in writing 
                                              requests that bank to revoke the 
                                              appointment of the auditor;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) the auditor or a member of the 
                                              auditor's firm or establishment 
                                              becomes a director of that bank;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (c)&nbsp; the auditor resigns by notice 
                                              in writing to that bank;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (d) the auditor ceases to qualify 
                                              under section 74(3) for 
                                              appointment as auditor of a bank; 
                                              or</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (e) the auditor is otherwise 
                                              removed by a decision taken at an 
                                              annual general meeting of that 
                                              bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A bank shall comply with a 
                                              request of the Bank of Ghana that 
                                              the appointment of an auditor be 
                                              revoked.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) An auditor who does not comply 
                                              with subsection (1) commits an 
                                              offence and is liable on summary 
                                              conviction to a fine not exceeding 
                                              250 penalty units or to a term of 
                                              imprisonment not exceeding 12 
                                              months.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 81&#8212;Display of Financial 
                                              Statements</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank shall</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) exhibit at each one of its 
                                              branches or agencies in a 
                                              conspicuous place throughout the 
                                              year, a copy of the last audited 
                                              financial statements in respect of 
                                              the operations of the bank;</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) not later than three months 
                                              after the end of its financial 
                                              year,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">(i) 
                                              furnish the Bank of Ghana with a 
                                              copy of its audited financial 
                                              statements together with the 
                                              auditor's statutory and long form 
                                              audit reports; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 72.0pt">
                                              <span style="font-family: Arial">
                                              (ii) cause the financial 
                                              statements together with the 
                                              auditors' certificates to be 
                                              published in a daily newspaper 
                                              circulating in Ghana.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A bank which fails to comply 
                                              with this section is liable to pay 
                                              to the Bank of Ghana a fine not 
                                              exceeding 1000 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 82&#8212;Prohibition of Floating 
                                              Charge</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank shall not create a 
                                              floating charge on an undertaking 
                                              or a property of the bank or part 
                                              of the property of the bank.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) A floating charge created 
                                              under subsection (1) so of no 
                                              legal effect.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A bank which creates a 
                                              floating charge in contravention 
                                              of subsection (1) commits an 
                                              offence and is liable on summary 
                                              conviction to a fine not exceeding 
                                              1000 penalty units.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 83&#8212;Secrecy of Information</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">A 
                                              director, an officer or any other 
                                              employee of the Bank of Ghana 
                                              shall not disclose to any other 
                                              person information relating to the 
                                              affairs of a bank except as 
                                              required by law or by a court of 
                                              competent jurisdiction or by 
                                              global banking supervisory 
                                              practices.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 84&#8212;Secrecy of Customer 
                                              Information</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">A 
                                              director, an officer or any other 
                                              employee of a bank shall not 
                                              disclose an information relating 
                                              to the affairs of a customer with 
                                              that bank except where the 
                                              disclosure of the information is 
                                              required by law or by a court of 
                                              competent jurisdiction or the Bank 
                                              of Ghana or is authorised by the 
                                              customer or is in the interests of 
                                              that bank. </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 85&#8212;Disclosure by the Bank 
                                              of Ghana of Information Relating 
                                              to Banks</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Notwithstanding the provisions of 
                                              any other section, the Bank of 
                                              Ghana may </span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) publish information obtained 
                                              by it from the banks, in a 
                                              consolidated form as it considers 
                                              fit in the public interest, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) share supervisory information, 
                                              on a confidential basis, with 
                                              other official agencies, both 
                                              domestic and foreign, responsible 
                                              for the safety and soundness of 
                                              the financial system, if the 
                                              information is used only for 
                                              purposes related to the effective 
                                              supervision of the institutions 
                                              concerned.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 86&#8212;Submission of Reports 
                                              on Trend and Progress</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Bank of Ghana shall, not 
                                              later than one hundred and twenty 
                                              days after the end of its 
                                              financial year, submit to the 
                                              Minister a report on the trend and 
                                              progress of the business of 
                                              banking in the country.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) The Bank of Ghana shall 
                                              include in the report the 
                                              recommendations that it considers 
                                              necessary in the interest of the 
                                              business of banking in the 
                                              country. </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 87&#8212;Protection for 
                                              Officials</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) An action or claim shall not 
                                              be brought against a director or 
                                              an employee of the Bank of Ghana 
                                              in respect of an act done in good 
                                              faith by the director or employee 
                                              in the course of the director's or 
                                              employee's duty under this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Subsection (1) is not 
                                              applicable where the action or 
                                              claim arises out of the negligence 
                                              or a wrongful act of the director 
                                              or employee of the Bank of&nbsp; Ghana</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 88&#8212;Offences and Penalties</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Attorney-General may, by 
                                              executive instrument, authorise 
                                              such officers as shall be 
                                              specified in the instrument to 
                                              prosecute offences that arise 
                                              under this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Where a body of persons is 
                                              convicted of an offence under this 
                                              Act then,</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (a) in the case of a body 
                                              corporate other than a 
                                              partnership, every director and 
                                              officer of that body shall be 
                                              deemed to have committed the 
                                              offence; and</span></p>
                                              <p class="MsoNormal" style="text-align: justify; margin-left: 36.0pt">
                                              <span style="font-family: Arial">
                                              (b) in the case of a partnership, 
                                              every partner shall be deemed to 
                                              have committed the offence.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (3) A person shall not be 
                                              convicted by virtue of subsection 
                                              (2), if that person proves that 
                                              the offence was committed without 
                                              the consent or connivance of that 
                                              person and that due diligence to 
                                              prevent the commission of the 
                                              offence had been exercised having 
                                              regard to all the circumstances.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 89&#8212;Joinder of Offences</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Notwithstanding anything contained 
                                              in any other enactment, where a 
                                              person is accused of more than one 
                                              offence under this Act, that 
                                              person may be charge with and 
                                              tried at one trial for any number 
                                              of those offences committed within 
                                              any length of time.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 90&#8212;Interpretation</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              In this Act, unless the context 
                                              otherwise requires,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;applicant'' means a body 
                                              corporate;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;the Bank&quot; means the Bank of 
                                              Ghana;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;bank&quot; means a body corporate 
                                              which is issued with a licence in 
                                              accordance with this Act to carry 
                                              on banking business;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;banking business&quot; means</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (a) accepting deposits of money 
                                              from the public, repayable on 
                                              demand or otherwise and 
                                              withdrawable by cheque, draft, 
                                              orders or by any other means;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (b) financing, whether in whole or 
                                              in part or by way of short, medium 
                                              or long term loans or advances, of 
                                              trade, industry commerce or 
                                              agriculture and</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (c) any other business activities 
                                              that the Bank of Ghana may 
                                              prescribe or recognise as being 
                                              part of banking business.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;banking policy&quot; means a policy 
                                              which is specified by the Bank of 
                                              Ghana in the interests of the 
                                              banking system or in the interests 
                                              of monetary stability or sound 
                                              economic growth;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;capital adequacy ratio&quot; of a bank 
                                              is the ratio expressed as a 
                                              percentage of its capital base to 
                                              its risk weighted exposure;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;chief executive&quot; in relation to a 
                                              bank, means a person, by whatever 
                                              name called, who is responsible, 
                                              subject to the authority of a 
                                              bank's board of directors, for the 
                                              conduct and management of the 
                                              business of the bank;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;connected lending&quot; or &quot;lending to 
                                              related parties&quot; means taking a 
                                              financial exposure in respect of</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (a) directors or significant 
                                              shareholders,</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (b) firms or companies in which a 
                                              director or a significant 
                                              shareholder is interested, 
                                              directly or indirectly as 
                                              director, controlling shareholder, 
                                              partner, proprietor, employee or 
                                              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; 
                                              &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (c) holding or subsidiary 
                                              companies of the company in which 
                                              a director or significant 
                                              shareholder is interested, 
                                              directly or indirectly, as 
                                              director, controlling shareholder, 
                                              partner, proprietor, employee or 
                                              guarantor;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;controlling shareholding&quot; means a 
                                              direct or indirect holding in a 
                                              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;
                                              </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (a) which represents more than 
                                              fifty per cent of the capital or 
                                              of the voting rights, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (b) which makes it possible to 
                                              exercise a significant influence 
                                              over the management of the bank in 
                                              which a holding subsists;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;financial exposure&quot; of a bank to 
                                              a person, firm, body corporate, or 
                                              any unincorporated body of 
                                              persons, concern or combination of 
                                              that person, firm, body corporate, 
                                              or an unincorporated body of 
                                              persons, concern or combination 
                                              shall be taken to be the aggregate 
                                              of</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (a) the loans, advances and credit 
                                              facilities (including off-balance 
                                              sheet obligations) given to that 
                                              person, firm, body corporate, or 
                                              an unincorporated body of persons, 
                                              concern or combination, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (b) the value of the bank's 
                                              holdings of shares and debentures 
                                              and other debt securities issued 
                                              by that person, firm, body 
                                              corporate, or an unincorporated 
                                              body of persons, concern or 
                                              combination;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              and in computing the financial 
                                              exposure the following assets that 
                                              may be held as collateral shall be 
                                              deducted:</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (c) cash deposit;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (d)&nbsp; lien on term deposit with the 
                                              bank;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (e)&nbsp; market value of Treasury 
                                              Bills, Government Securities and 
                                              Bank Securities, and</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (f) other securities approved by 
                                              the Bank of Ghana; </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;foreign bank&quot; means a bank 
                                              incorporated in Ghana in which not 
                                              less than sixty per cent of the 
                                              equity share capital is held by 
                                              foreigners;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;large exposure&quot; means financial 
                                              exposure to a single borrower or 
                                              group of connected borrowers that 
                                              in the aggregate exceeds ten per 
                                              cent of the bank's net own funds;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;Minister&quot; means the Minister 
                                              responsible for Finance;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;net own funds&quot; means the sum 
                                              total of share capital that has 
                                              been paid up, free reserves, 
                                              including the reserves that have 
                                              been created out of revaluation of 
                                              fixed assets with the consent of 
                                              the Bank of Ghana subject to 
                                              netting out the accumulated losses 
                                              and unwritten-off capitalised 
                                              expenditure;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;net worth&quot; means shareholders 
                                              funds and includes stated capital, 
                                              capital surplus from revaluation 
                                              of assets and other reserves;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;prescribed&quot; means prescribed by 
                                              Regulations or Rules or directives 
                                              issued by the Bank of Ghana;</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              &quot;significant share holding&quot; means 
                                              a direct or indirect holding in a 
                                              bank </span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (a) which represents ten per cent 
                                              or more of the capital or the 
                                              voting right, or</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (b) which makes it possible to 
                                              exercise a significant influence 
                                              over the management of the bank in 
                                              which a holder subsists.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 91&#8212;Repeal of Banking Law, 
                                              1989</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) The Banking Law, 1989 (P.N.D.C.L. 
                                              225) is hereby repealed.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) Notwithstanding subsection 
                                              (1), regulations, orders, 
                                              directions, notifications, 
                                              exemptions, approvals, decisions 
                                              and other executive or 
                                              administrative, acts made, given 
                                              or done under the repealed Law 
                                              shall upon the coming into force 
                                              of this Act continue in force 
                                              until amended or repealed in 
                                              accordance with this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <b>
                                              <span style="font-family: Arial">
                                              Section 92&#8212;Validity of Existing 
                                              Licences</span></b></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (1) A bank licensed under the 
                                              Banking Law, 1989 (P.N.D.C.L. 225) 
                                              or established under any other Act 
                                              or any other enactment and in 
                                              existence before the commencement 
                                              of this Act shall continue in 
                                              existence subject to compliance 
                                              with this Act.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              (2) If a representative office of 
                                              a foreign bank incorporated 
                                              outside the country is already 
                                              functioning on the date this Act 
                                              comes into force, it shall take 
                                              steps and obtain the required 
                                              approval within ninety days, or 
                                              close down its office.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">
                                              Date of Gazette Notification: 29th 
                                              October, 2004.</span></p>
                                              <p class="MsoNormal" style="text-align: justify">
                                              <span style="font-family: Arial">&nbsp;</span></td>
                </tr>
              </tbody>
            </table>
          </td>
        </tr>
        <tr>
          <td width="76" height="50" bgcolor="#003366">&nbsp;</td>
          <td width="777" height="50">
            <p align="center">
              </table>
            </td>
        </tr>
