Section 48: Failing capital market operator

(1) Where, after an examination under section 49 of this Act or otherwise howsoever, the Commission is satisfied that the capital market operator is in a grave situation as regards the matters referred to under subsection (1) of section 49, or the capital market operator informs the Commission that:
(a) it is likely to become unable to meet its obligations under this Act;
(b) it is about to suspend its obligations to any extent; or
(c) it is insolvent; the Commission may by order in writing exercise any one or more of the powers specified in subsection (2) of this section.
(2) The Commission may by order in writing pursuant to subsection (1) of this section:
(a) prohibit the capital market operator from receiving funds or other assets from the public for a period as may be set out in the order, and make the prohibition subject to such exceptions, and impose such conditions in relation to the exceptions as may be set out in the order, and from time to time, by further order similarly made, extend the period;
(b) require the capital market operator to take any steps or any action or to do or not to do any act or thing whatsoever, in relation to the capital market operator or its business or its directors or officers which the Commission may consider necessary and which is set out in the order, within such times as may be stipulated therein;
(c) remove for reasons to be recorded in writing, with effect from such date as may be set out in the order, any manager or officer of the capital market operator, notwithstanding anything in any written law, or any limitations contained in the memorandum and articles of association of the capital market operator;
(d) in respect of a capital market operator, notwithstanding anything in any written law or any limitations contained in the memorandum and articles of association of the capital market operator, and in particular, notwithstanding any limitation therein as to the minimum or maximum number of directors, and for reasons to be recorded in writing;
(i) remove from office, with effect from such date as may be set out in the order, any director of the capital market operator; or
(ii) appoint any person or persons to manage the affairs of the capital market operator in the interim, and provide in the order for the person or persons so appointed to be paid by the capital market operator such remuneration as may be set out in the order;
(e) appoint any person to advise the capital market operator in relation to the proper conduct of its business, and provide in the order for the person so appointed to be paid by the capital market operator such remuneration as may be set out in the order.