25 person liable to be specified under section 18(1) or prosecuted under section 41 who may have contributed to those circumstances; and (b) the payment of moneys and the surrender to the Reserve Bank of any shares, rights or interests in or claims upon the troubled financial institution held by such person towards discharging the whole or an agreed part of such person’s liability for the debts and liabilities of the institution and for the administration expenses referred to in section 39(2). (2) If a person with whom the administrator has concluded an agreement under subsection (1) does not, within the agreed period or on the agreed date, honour any undertakings referred to in— (a) subsection (1)(a) or (b) the administrator may institute proceedings for the specification or prosecution of such person or both; (b) subsection (1)(b), the administrator may institute civil action in a court of competent jurisdiction for the recovery of any moneys due or the surrender of any shares, rights or interests in or claims upon the troubled financial institution held by such person, and section 21 shall apply to such action. PART V SCHEMES OF RESOLUTION AND INTERIM MANAGEMENT OF SUCCESSOR FINANCIAL INSTITUTIONS 26 Powers of administrator with respect to scheme of resolution (1) Subject to section 27, the administrator shall, subject to the directions of the Reserve Bank, have powers to formulate and implement a scheme of resolution of the troubled financial institution, for which purpose the administrator may do any one or more of the following things— (a) issue to the Reserve Bank in right of the State shares or other securities in a successor financial institution in satisfaction of the indebtedness of the troubled financial institution to the Reserve Bank; (b) consolidate or redivide shares of the same or different classes held by a member in a troubled financial institution into any number of shares (whether of the same or different classes) of any denomination equivalent to the true or fair value of the shares previously held by the member; (c) cancel any shares held by a member in a troubled financial institution and issue to such member any number of shares of any denomination in a successor financial institution that are equivalent to the true or fair value of the shares previously held by the member; (d) convert any right, interest or claim held by a creditor in relation to a troubled financial institution into shares equal in value to the true or fair value of the right, claim or interest previously held by the creditor and issue the shares to the creditor as fully paid up shares; (e) issue to any creditor of the troubled financial institution any debentures or other securities not being shares in a successor financial institution in satisfaction of any