14
lease on behalf of the troubled financial institution, he or she shall be deemed
to have terminated the lease at the end of such three months;
(iii) the rent due under any lease so terminated from the commencement of the
administration to the termination of the lease by the administrator shall be
included in the costs of the administration;
(iv) the fact that a lease has been terminated by the administrator shall not
deprive the administrator of any right to compensation for improvements
made during the period of the lease;
(p) to sell, by public auction or otherwise, deliver or transfer the movable and
immovable property of the troubled financial institution.
(2) In addition the administrator shall have the powers specified in sections 224, 228,
229, 230, 231, 232, 233, 234, 235, 237, 239 and 240 of the Companies Act, subject to such
modifications as may be necessary, including in particular the substitution of references
therein to the “court” or “liquidator” by references to the “administrator” and references to
“winding-up” or the “making of a winding-up order” by “administration” or the
“commencement of the administration”.
12
Application of certain provisions of Companies Act to administration
Sections 220, 236, 269, 270, 278 and 290 of the Companies Act shall apply to the proof
of claims against a troubled financial institution, the dissolution of a troubled financial
institution, voidable and undue preferences made by a troubled financial institution before a
declaration was issued in respect of it, the application of certain provisions of the law relating
to insolvent estates to the troubled financial institution, the books to be kept by the
administrator and the use of the books of the troubled financial institution and the
administrator as evidence, subject to such modifications as may be necessary, including in
particular—
(a) in section 220, in subsection (1), the deletion of “section one hundred and eightynine” and the substitution of “subsections (4) to (6) of section 16”, and the deletion
of subsection (2);
(b) in section 236, the deletion of “upon the application of the Master,” in subsection (1)
and the deletion of subsection (3), and the substitution of references to the “court”
and “the registrar of the court” by references to the “administrator”, and references
to “winding-up” by “administration”;
(c) in section 269, the deletion of paragraphs (a) and (b) and the substitution of
“commencement of the administration”;
(d) in section 270, the deletion of “liquidator” wherever it occurs and the substitution of
“administrator”;
(e) in section 278, the deletion of references to “liquidator” and “Master” wherever they
occur and the substitution of “administrator” and “Reserve Bank” respectively;
(f) in section 290, the deletion of references to “being wound up” and “liquidators” and
the substitution of “under administration” and “administrator” respectively.
Select target paragraph3
Add to table of contents