Section 13

Where the revocation of a licence granted under section 6 (4) has taken effect, or a restriction on its duration under section 8 has expired, or its surrender under section 12 has taken effect, the institution to which the licence was granted shall immediately thereupon cease to carry on any business in respect of which the licence was granted:

Provided that where the institution continues to exist as a corporation after the revocation has taken effect the Minister may, on the recommendation of the Bank, authorise the institution in writing to carry on such activity for such duration as the Minister may specify in the authorisation for the purpose of winding-up its affairs or for purposes which are beneficial to its depositors, other customers or creditors.