Islamic Financial Services Act 2013 · s 184

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184.
Appointment of receiver and manager by Bank
(1) Subject to section 273, where any of the circumstances described in section 177 exist in respect of an institution, the Bank may make an application to the High Court for an order—
(a) to appoint a receiver and manager to manage the whole or part of the business, affairs or property of the institution;
and
(b) for all such incidental, ancillary or consequential orders or directions of the High Court in relation to such appointment as may, in the opinion of the Bank, be necessary or expedient.

172
(2) On an application by the Bank, the High Court shall appoint as receiver and manager such person as may be specified by the Bank in its application including such person as may be specified by the Bank to fill a vacancy or to remove and replace a receiver and manager appointed under this Subdivision.
(3) All costs and expenses of the Bank, including the remuneration of such receiver and manager shall be payable out of the funds and properties of the institution, as a first charge on the funds and properties of the institution.
(4) A receiver and manager appointed under this Subdivision may apply to the High Court for directions in relation to any particular matter arising under the appointment.
(5) 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 and manager under this Subdivision.
(6) An application for the appointment of a receiver and manager under this Subdivision may be made by way of an ex parte originating summons.

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s 184Appointment of receiver and manager by Bank

(1)

Subject to section 273, where any of the circumstances described in section 177 exist in respect of an institution, the Bank may make an application to the High Court for an order—

(a)

to appoint a receiver and manager to manage the whole or part of the business, affairs or property of the institution;

and

(b)

for all such incidental, ancillary or consequential orders or directions of the High Court in relation to such appointment as may, in the opinion of the Bank, be necessary or expedient.

172

(2)

On an application by the Bank, the High Court shall appoint as receiver and manager such person as may be specified by the Bank in its application including such person as may be specified by the Bank to fill a vacancy or to remove and replace a receiver and manager appointed under this Subdivision.

(3)

All costs and expenses of the Bank, including the remuneration of such receiver and manager shall be payable out of the funds and properties of the institution, as a first charge on the funds and properties of the institution.

(4)

A receiver and manager appointed under this Subdivision may apply to the High Court for directions in relation to any particular matter arising under the appointment.

(5)

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 and manager under this Subdivision.

(6)

An application for the appointment of a receiver and manager under this Subdivision may be made by way of an ex parte originating summons.