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(c) lodge with the Registrar a copy of the scheme of resolution relating to the institution
within seven days of its appointment; and
(d) comply with any of the requirements of section 123 of the Companies Act with
which the institution would have been obliged to comply if it had not been placed
under administration; and
(e) keep such accounting records and prepare such annual financial statements as the
institution or its directors would have been obliged to keep or prepare if it had not
been placed under administration; and
(f) convene the annual general meeting and other meetings of members of the
institution provided for by the Companies Act and, in that regard, comply with all
the requirements with which the directors of the company would in terms of the
Companies Act have been obliged to comply if the institution had not been placed
under administration; and
(g) convene meetings of the creditors of the institution by notices issued separately on
the dates on which the notices convening annual general meetings of the institution
are issued or on which any interim report is sent out to members; and
(h) submit to meetings of creditors convened under paragraph (g) reports showing the
assets and liabilities of the institution and its debts and obligations as verified by the
auditor of the institution, and all such information as may be necessary to enable the
creditors to become fully acquainted with the institution’s position as at the end of
the financial year or the end of the period covered by any such interim report; and
(i) lodge with the Master copies of all the documents submitted to the meetings as
provided in paragraphs (f) and (h).
PART VI
GENERAL
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Arbitration where valuation of shares, etc. by administrator or Reserve
Bank disputed
(1) Whenever any director, officer, member or creditor of a financial institution or any
other interested person (including a specified person) takes issue with the valuation placed on
any share, right, claim, interest or asset of the institution by an administrator or the Reserve
Bank in terms of section 5, 15, 20(3)(a) or (b) or 25(1)(b), (c) or (d), such person shall object
to the valuation in writing to the administrator or the Reserve Bank, as the case may be,
within a reasonable or prescribed period after it is made.
(2) Upon receiving an objection under subsection (1) the administrator or the Reserve
Bank, as the case may be, shall attempt to resolve the objection by negotiation with the
objector and, if he or she is unable to resolve it within a reasonable time, shall submit the
objection to arbitration in terms of the Arbitration Act [Chapter 7:15]:
Provided that the administrator or Reserve Bank shall not entertain any objection under
this section by a person who claims to be the creditor of a troubled financial institution unless
he or she has proved his or her claim against the troubled financial institution under section
16 or, if the proposed valuation occurs before claims against the institution are proved under
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