Section 106

On an application by the Corporation, the Court shall appoint as receiver such person as the Corporation may specify in its application to fill a vacancy or to remove and replace a receiver appointed under subsection (1).

A receiver shall have regard to the objective of managing the business and affairs of the member institution in a manner designed to achieve the best result for the member institution’s creditors as a whole.

In the case of any conflict between the interests of depositors or takaful beneficiaries or insured persons and any other unsecured creditors of the member institution, a receiver shall give preference to the interest of the depositors or takaful beneficiaries or insured persons.

All costs, charges and expenses of a receiver, including its remuneration and any costs incurred in the exercise of its powers and duties, shall be paid out of the assets of the member institution in priority to all other claims.

A receiver may apply to the High Court for directions in relation to any particular matter arising under the receivership.

Order 30 of the Rules of Court 2012 [P.U. (A) 205/2012] shall not apply to an application for the appointment of a receiver under paragraph 99(1)(d).

An application for the appointment of a receiver under paragraph 99(1)(d) may be made by way of an ex parte originating summons.

Provisions in relation to appointments under paragraph 99(1)(c)

and section 106