30
that section, the person provisionally proves his or her claim to the satisfaction of the
administrator or Reserve Bank, as the case may be.
33
Persons employed by troubled financial institution before its
administration
To the extent that it is possible to do so without prejudicing the viability of the troubled
financial institution or the successor financial institution, the administrator and interim board
shall endeavour to retain in employment every person, other than a specified person,
employed by the institution immediately before the commencement of its administration on
terms not less favourable than those enjoyed by him or her immediately prior to the
commencement of the administration.
34
Application of assets during administration
(1) The administrator or interim board shall not, without the leave of the Reserve Bank,
sell or otherwise dispose of any of the assets of a troubled financial institution or successor
financial institution except in the ordinary course of the institution’s business.
(2) Any moneys of the troubled financial institution which become available to the
administrator or an interim board shall be applied by the administrator or interim board
towards—
(a) paying the costs of the administration; and
(b) conducting the institution’s business in accordance with the declaration or scheme of
resolution; and
(c) so far as circumstances permit, paying the claims of creditors which arose before the
commencement of the administration.
(3) The costs of the administration and the claims of creditors of the troubled financial
institution shall be paid in accordance with the law relating to insolvency as if those costs
were costs of the sequestration of an estate and those claims were claims against an insolvent
estate.
35
Remuneration of administrator and assistant administrators
(1) An administrator and any assistant administrator shall be entitled to such reasonable
remuneration for their services as may be fixed by the Reserve Bank from time to time.
(2) In fixing the remuneration of an administrator or assistant administrator in terms of
subsection (1), the Reserve Bank shall take into account the manner in which the
administrator or assistant administrator has performed his or her functions and any
recommendation by the members or creditors of the troubled financial institution relating to
such remuneration.
36
Liabilities incurred by administrator and interim board to have preference
over pre-administration liabilities
(1) All liabilities incurred or to be incurred by the administrator or interim board in the
conduct of the troubled or successor financial institution’s business shall be paid in preference
to all other liabilities not already discharged, exclusive of the costs of the administration, and
thereupon all claims based upon such first-mentioned liabilities shall have preference in the
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