Islamic Financial Services Act 2013 · s 186

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186.
Provisions in relation to appointment of receiver and manager
Where a receiver and manager has been appointed by the Bank to manage the whole or part of the business, affairs or property of an institution pursuant to section 184, the receiver and manager shall have the power—
(a) to enter into any premises of the institution and take possession and control of the whole or part of the business, affairs or property of the institution and require any person in the premises to account for and deliver up to the Bank or the receiver and manager, possession and control of the whole or such part of the business or property;
(b) subject to paragraph (c), to sell or otherwise dispose of the whole or part of the business or property of the institution on such terms and conditions as determined by the Bank;
(c) to sell or otherwise dispose of any property of the institution that is subject to an agreement creating a security  interest to  any  person  who  agrees  to  assume the obligation secured by the security interest;
(d) to arrange for the assumption of all or any part of the liabilities of the institution by any person;
(e) to carry on the whole or such part of the business of the institution to the extent that the receiver and manager deems it necessary or beneficial;

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(f) to sue for, defend, compromise and settle, in the name of the institution, any claim made by or against it;
(g) in the name of the institution, to do all acts and execute all receipts and other documents and for that purpose, when necessary, use its common seal; and
(h) to do all such other things as may be necessary or incidental to the exercise of the rights and powers of the receiver and manager.

Subdivision 4 –Compulsory transfer of business, assets or liabilities

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s 186Provisions in relation to appointment of receiver and manager

Where a receiver and manager has been appointed by the Bank to manage the whole or part of the business, affairs or property of an institution pursuant to section 184, the receiver and manager shall have the power—

(a)

to enter into any premises of the institution and take possession and control of the whole or part of the business, affairs or property of the institution and require any person in the premises to account for and deliver up to the Bank or the receiver and manager, possession and control of the whole or such part of the business or property;

(b)

subject to paragraph (c), to sell or otherwise dispose of the whole or part of the business or property of the institution on such terms and conditions as determined by the Bank;

(c)

to sell or otherwise dispose of any property of the institution that is subject to an agreement creating a security interest to any person who agrees to assume the obligation secured by the security interest;

(d)

to arrange for the assumption of all or any part of the liabilities of the institution by any person;

(e)

to carry on the whole or such part of the business of the institution to the extent that the receiver and manager deems it necessary or beneficial;

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(f)

to sue for, defend, compromise and settle, in the name of the institution, any claim made by or against it;

(g)

in the name of the institution, to do all acts and execute all receipts and other documents and for that purpose, when necessary, use its common seal; and

(h)

to do all such other things as may be necessary or incidental to the exercise of the rights and powers of the receiver and manager.

Subdivision 4 –Compulsory transfer of business, assets or liabilities