10 whichever is the earlier. (8) The Reserve Bank may by notice published in the Gazette at any time amend or revoke a declaration, and section 8(2), (3) and (4) shall apply, with necessary changes, to such a notice. 7 Effect of declaration A declaration shall have the effect of— (a) placing the troubled financial institution under the control and management of the administrator; and (b) suspending the powers of every director, officer and member of the troubled financial institution, except to the extent that the administrator may permit them to exercise their powers; and (c) nullifying every disposition of the property, including rights of action, of the troubled financial institution and every transfer of shares or alteration in the status of its members, made after the commencement of the administration, unless the administrator otherwise orders; and (d) suspending the operation of any set-off by the troubled financial institution in respect of any amount owing by a creditor of the institution; and (e) suspending all rights of action against the troubled financial institution and every action or proceeding commenced against the institution except by leave of the administrator and subject to such terms as the administrator may impose; and (f) vacating any attachment or execution put in force against the assets of the troubled financial institution after the commencement of the administration; and (g) suspending any lien held by any financial institution or other person over the property of the troubled financial institution except a lien held by the Reserve Bank or by a payment system recognised by the Reserve Bank in terms of section 3(1) of the National Payment Systems Act [Chapter 24:22]. 8 Transmission of declaration to certain officers (1) The administrator shall, within seven days of the commencement of the administration, transmit a copy of the declaration and of every notice amending or setting aside the same to the Registrar, Master and Sheriff and— (a) in respect of any immovable property within Zimbabwe which appears to be an asset of the troubled financial institution, to the Registrar of Deeds; and (b) to the messenger of every magistrates court by whose order it appears that property of the troubled financial institution is under attachment; and (c) in respect of any account with another financial institution known by the administrator to be operated by the troubled financial institution, to the chief executive officer of every such institution. (2) Upon receipt by the Registrar of Deeds of a copy of a declaration he or she shall enter a caveat against the transfer of any immovable property or the cancellation or cession of any bond registered in the name of or belonging to the troubled financial institution.