(1) If an authorised SPRV established in the State has failed, or is failing, to comply with a condition of its authorisation or with a rule in force under Regulation 39, the Bank may give the SPRV a direction in writing requiring it, except with the consent of the Bank, not to do any one or more of the following things during such period (not exceeding 12 months) as is specified in the direction:
(a) issue shares or other securities;
(b) pay interest to the holders of securities issued by the SPRV;
(c) declare or pay dividends on shares issued by the SPRV;
(d) make any other payment, or dispose of any of its assets, otherwise than as provided for by the relevant SPRV contract.
(2) If the Bank gives a SPRV a direction under paragraph (1), it shall also give the SPRV a direction requiring it to submit to the Bank for its approval a plan for the SPRV to comply with the conditions of its authorisation or with the rules (if any) in force under Regulation 39.
(3) On giving a direction under
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