Section 73A: Direction

73A. Direction (1) Where the Chief Executive has reasonable grounds to believe that a corporation holding a Global Business Licence under section 72 – (a) has contravened or is likely to contravene a relevant Act; (b) is conducting its affairs in an improper manner; or (c) is involved in a financial crime, the Chief Executive may, for the purpose of protecting the good repute of Mauritius as a centre for financial services, issue a written direction to the Global Business Corporation as he deems appropriate in the circumstances. (2) Any direction issued under this section may specify the time by which, or the period during which, it shall be complied with. (3) A Global Business Corporation shall comply with any direction issued under subsection (1) notwithstanding anything in its constitution, or any contract or arrangement to which it is a party. (4) The Chief Executive shall not issue any direction under subsection (1) before giving the person to whom it is to be addressed reasonable opportunity to make written representations on the matter. (5) Notwithstanding subsection (4), where the Chief Executive considers that any delay in issuing the direction may cause severe prejudice to the reputation of the Global Business Corporation, the public or the financial services industry, he may issue a direction which shall take effect immediately and shall give the Global Business Corporation the opportunity to make representations as soon as practicable, but not later than 7 days from the date the direction is issued. (6) Any person to whom a direction is issued under subsection (1) shall comply with the direction. (7) The Chief Executive may revoke a direction issued under subsection (1) at any time by written notice to the Global Business Corporation. (8) No person shall knowingly hinder or prevent compliance with a direction issued under subsection (1). (9) Any person who contravenes subsection (6) or (8) shall commit an offence.