No.12
BA!\l<ING AMENDMENT
(2) upon completion of the mandate for which it was established
in tenns of subsection (1), a special asset management company shall
be wound up and the necessary account shall be rendered to the Bank.
578 Immunity of special asset management companies, etc.
The immunity of the Bank bestowed by section63Aapplies also to
any special asset management company, for which purpose references
therein the Bank, the Board, the Governor and any employee of the
Bank shall be read as references to the company, its board of directors,
its chief executive or principal officer and any of its employees.
57C Powers of Investigation of special asset management
companies
Section 47 of the Banking Act applies to a special asset management
company in the pursuance of the mandate for which it was established
in terms of section 57A (1), as if the company and its employees, arc
supervisors and inspectors referred to in that section of the Banking
Act.
570 Powers of curatorship of special asset management
companies
Scction55oftheBankingActappliestoaspecialassetmanagcment
company in the pursuance of the mandate for which it was established
in tenns ofsection57A(l), as if the company (and any of its employees
discharging curatorship functions) is the curator referred to in that
section of the Banking Act.
57E Special asset management companies exemptfrom certain
duties, fees and.charges
( 1) No duty or fee in relation to any instrument, service or other
matter shall be payable to the State by any special asset management
company in respect of(a) anytransferto the company of property other than property
acquired by the company for its m.vn use or for the usc
of its employees; or
(b) any mmigage, hypothecation or pledge of properiy or
cession thereof in favour of the company; or
(c) any document of security, pledge, act of suretyship,
indemnity or guarantee by or in favour of the company.
(2) A special asset management company shall not be liable
for the payment of any search or inspection fee in the Master's office
or in any Deeds Registry or Companies Registry.";
(d) by the insertion after section 58 of the following section-
"58A Credit Registry
(1) In this section-
"credit infonnation" has the meaning given to it in section 2
of the Banking Act [Chapter 24:20];
"Credit Registry" means a system established under subsection
(2) to receive and supply credit information to financial
institutions and other institutions;
"participating institution" means any institution or body required
to become a participating institution in tenns of subsection
(2);
254
2015
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