Action by Authority if licensed credit bureau is unable to meet obligations, etc.
54.—(1) The Authority may exercise one or more of the powers specified in subsection (2) as appears to it to be necessary, where —
(a)
a licensed credit bureau informs the Authority that it is or is likely to become insolvent, or that it is or is likely to become unable to meet its obligations, or that it has suspended or is about to suspend payments;
(b)
a licensed credit bureau is insolvent, becomes unable to meet its obligations, or suspends payments;
(c)
the Authority is of the opinion that the licensed credit bureau —
(i)
is carrying on its business in a manner likely to be detrimental to the confidentiality, security or integrity of any data held by the licensed credit bureau;
(ii)
is or is likely to become insolvent, or that it is or is likely to become unable to meet its obligations, or that it has suspended or is about to suspend payments;
(iii)
has contravened any of the provisions of this Act; or
(iv)
has failed to comply with any condition attached to its licence; or
(d)
the Authority considers it in the public interest to do so.
(2) Subject to subsection (1), the Authority may —
(a)
require the licensed credit bureau to immediately take any action or to do or not to do any act in relation to its business as the Authority may consider necessary;
(b)
appoint one or more persons as statutory adviser, on such terms as the Authority may specify, to advise the licensed credit bureau on the proper management of such of the licensed credit bureau’s business as the Authority may determine; or
(c)
assume control of and manage such of the licensed credit bureau’s business as the Authority may determine, or appoint one or more persons as statutory manager to do so on such terms as the Authority may specify.
(3) Where the Authority appoints 2 or more persons as statutory manager of a licensed credit bureau, the Authority must specify, in the terms of the appointment, which of the duties, functions and powers of the statutory manager —
(a)
may be discharged or exercised by such persons jointly and severally;
(b)
must be discharged or exercised by such persons jointly; and
(c)
must be discharged or exercised by a specified person of such persons.
(4) Where the Authority has exercised any power under subsection (2), it may, at any time and without affecting its powers under section 11(2) or (3), do one or more of the following:
(a)
vary or revoke any requirement of, any appointment made by, or any action taken by the Authority under subsection (2) in the exercise of such power, on such terms as it may specify;
(b)
exercise any of the powers under subsection (2);
(c)
add to, vary or revoke any term the Authority has specified under this section.
(5) A statutory manager or a statutory adviser incurs no liability for anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the course of or in connection with —
(a)
the exercise or purported exercise of any power under this Act;
(b)
the performance or purported performance of any function or duty under this Act; or
(c)
the compliance or purported compliance with this Act.