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Power of Registrar to regulate certain businesses.
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10.—(1) Where the Registrar, after consultation with the Central Bank, is of the opinion that it is in the interests of the public or of creditors of a society to do so, he may, in accordance with this section, regulate the carrying on by the society of the business of accepting deposits, the business of holding deposits or the business of making loans.
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(2) Without prejudice to the generality of subsection (1), in exercising a power conferred on him by that subsection the Registrar may have regard to the competence of the management of the society concerned, the capital structure of the society or the ability of the society to meet its obligations to its creditors.
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(3) In exercising the power of regulation conferred on him by subsection (1), the Registrar may give a direction in writing to a society in relation to all or any of the following matters—
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(a) the acceptance or holding of deposits,
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(b) the making of loans,
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(c) the maintenance of ratios (which may be specified in a direction) between assets and liabilities,
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(d) any other financial matters he thinks appropriate, including the maintenance by a society of adequate paid-up share capital.
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(4) A direction under subsection (3) may relate to a specified class or classes of society denoted by reference to such matters as the Registrar thinks fit, and may apply for a period specified in the direction.
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