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

Select target paragraph3

Add to table of contents