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claim, right or interest held by the creditor in relation to the troubled financial
institution;
(f) amend the memorandum and articles of association of the troubled financial
institution;
(g) amalgamate the troubled financial institution with any of its associates;
(h) where two or more troubled financial institutions are administered by the same
administrator, amalgamate both or any of them;
(i) if so directed by the Reserve Bank, amalgamate the troubled financial institution
with any other troubled financial institution administered by another administrator;
(j) dissolve the troubled financial institution or any of its associates and secure the
formation of one or more financial institutions, which shall be the successor
financial institution or institutions to the troubled financial institution or any of its
associates;
(k) redistribute the assets and liabilities of the troubled financial institution and any of
its associates between them or between its successor financial institution or
institutions formed pursuant to paragraph (j);
(l) dissolve the board of directors of the troubled financial institution and substitute
therefor any assistant administrator;
(m) confirm in office any director of the troubled financial institution;
(n) appoint and vest the management of any successor financial institution in an interim
board of directors of any successor financial institution which shall hold office until
the next annual general meeting of the members of the institution following its
administration.
(2) An administrator may register 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,
notwithstanding that the class of business for which the successor financial institution is
registered is not the same as that carried on by the troubled financial institution.
(3) Where the Reserve Bank has appointed administrators in respect of two or more
troubled financial institutions and it gives the administrators a direction to amalgamate the
troubled financial institutions concerned in terms of subsection (1)(i), it may itself, through
those administrators, exercise all of the powers referred to in subsections (1) and (2) as if it
were the sole administrator of both or all of the troubled financial institutions to be
amalgamated.
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Special provisions for the repayment of depositors of troubled financial
institutions
(1) In this section⎯
“depositor” means a person who made any deposit of money with a troubled financial
institution otherwise than as a speculative investment;
“speculative investment” means any money invested in a troubled financial institution
with the object of securing a return on the investment in excess of the return on
Treasury Bills at the time when the money was invested.
Select target paragraph3
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