No.l2
2015
(a)
preserve the capital, assets and liquidity of the banking
institution concerned; and
(b)
protect the interests of depositors and other creditors of the
banking institution concerned.
(7) Measures refened to in subsection (6) may include-
(a)
restricting the activities of the banking institution concerned;
and
(b)
removing or replacing all or any of the directors of the
banking institution concerned; and
(c)
prohibiting or restricting the disposal of any assets of the
banking institution concemed; and
(d)
any action refened to in section 48(3).
528 Confirmation of problem bank notice
(1) At any time before a bank resolution plan is implemented,
the problem bank notice shall be confirmed by application made by or
on behalf of the Reserve Bank to a judge of the High Court in chambers
on not less than fourteen days' written notice (accompanied by the
documentation in support of the application referred to in paragraphs (a)
and (b) of subsection (2)) to the directors, shareholders, principal officers
and creditors of the problem banking institution:
Provided that the publication by or on behalf of the Reserve Bank
of a notice in the Gazette addressed to the directors, shareholders, principal
officers and creditors of the problem banking institution (whether named
individually or by class)(i)
notifying them of the intention of the Reserve Bank
to make such an application not earlier than fourteen
days from the date of publication of the notice in the
Gazette; and
(ii)
infolTlling them of their 1ight to oppose the application;
and
(iii) containing particulars of where the documentation in
support of the application referred to in paragraphs
(a) and (b) of subsection (2) may be collected by any
party interested in the application;
shall be deemed to constitute sufficient service of the notice of the
application upon any such party.
(2) There shall be submitted together with the application refened
to in subsection (1)(a)
(b)
(c)
(d)
a copy of the problem bank notice relating to the banking
institution which is the subject of the application; and
a statement of the reasons why it appeared to the Reserve
Bank that any one or more of the circumstances refened
to paragraph (a) to (h) of section 52A(2) were present in
relation to the banking institution; and
a statement of the affairs of the banking institution indicating
the extent of its assets and liabilities; and
proof that a principal officer of the banking institution had
been served with the problem bank notice under section
52A(2)(p).
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