Cap. 204 Art. 57Recovery of administrative penalties.

(1) Where by virtue of the provisions of article 56, the Bank imposes an administrative penalty, it shall so notify the person or, in the case of an entity under article 23, the person in charge of the administrative affairs of that entity, on whom the penalty is being imposed by means of a notice in writing.

(2) Where an administrative penalty is imposed on a person or entity in respect of a breach of the provisions referred to in article 56(b), such penalty shall be without prejudice to the obligation of the undertaking to meet the costs of the verification and, or, the compulsory collection procedure, as the case may be.

(3) Where a notice imposing an administrative penalty is served on any person or entity and:

(a) such person or entity does not appeal to the Financial Services Tribunal (hereinafter in this article ''the Tribunal'') in accordance with the provisions of article 35 and fails to pay to the Bank the administrative penalty within thirty days from the date of service of such notice; or

(b) such person or entity appeals to the Tribunal and fails to pay to the Bank the administrative penalty as confirmed or reduced by the Tribunal within fifteen days from the date of the decision of the Tribunal, then, in each case, the Bank shall be entitled to recover the sum due as a civil debt and the provisions of sub-article (4) shall apply.

(4) A notice as is referred to in sub-article (3) or, as the case may be, the decision of the Tribunal shall, upon the service of a copy thereof by means of a judicial act on the person indicated in the notice or the decision of the Tribunal, constitute an executive title for all effects and purposes of Title VII of Part I of Book Second of the Code of Organization and Civil Procedure.