28
(5) As soon as possible after the Reserve Bank has approved the final scheme of
resolution the administrator shall present it to a joint meeting of creditors and members.
(6) Any person who is aggrieved by a final scheme of resolution may, within fourteen
days after it is presented in terms of subsection (5), seek a review of the scheme by the
Reserve Bank by notice filed in such manner and within such period as may be prescribed.
29
Consequences where resolution not possible
If, after representations made to it by the administrator, the Reserve Bank⎯
(a) is of the opinion that, in the circumstances pertaining to the troubled financial
institution, no feasible scheme for its resolution can be formulated except by
advancing additional public funds to it; and
(b) such funds are unavailable;
the Reserve Bank shall cancel the declaration in terms of section 40 and thereupon section 57
of the Banking Act shall apply to such institution.
30
Implementation of scheme of resolution and matters incidental thereto
(1) The administrator shall do and have power to do all things necessary to carry out the
scheme of resolution approved for a troubled financial institution in terms of section 28.
(2) The Minister shall nominate the persons who, on behalf of the State, will hold the
shares of the State in any successor financial institution.
(3) Any dividends or other moneys received by a person referred to in subsection (2) in
right of or on the disposal of any share or right acquired by the State by virtue of this Act
shall be paid into the Troubled Bank Fund.
(4) Stamp duty shall not be chargeable under the Stamp Duties Act [Chapter 23:09] in
respect of any share issued to the State or any other person in accordance with a scheme of
resolution.
(5) It shall not be necessary for the Registrar of Deeds to make any endorsement on title
deeds or other documents or in his or her registers in respect of any immovable property, right
or obligation which passes to a successor financial institution from a troubled financial
institution, but the Registrar of Deeds, when so requested in writing by the administrator or
interim board, shall cause the name of the successor financial institution to be substituted, free
of charge, for that of the troubled financial institution on the appropriate title deed or other
document or in the appropriate register.
(6) No fee or charge shall be payable by an administrator for registering a successor
financial institution in any class of business referred to in section 6 of the Banking Act or as
any other type of financial institution for the registration of which provision is made under
any enactment.
31
Duties of interim board
An interim board shall, subject to the memorandum and articles of the successor financial
institution—
(a) take over from the administrator and assume the management of the institution; and
(b) manage the institution in such manner as it may consider most economic and most
likely to promote the interests of the members and creditors of the institution; and
Select target paragraph3
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