Section 76

Where control of a licensed institution has been assumed in pursuance of an order under section 73 (2) (a), the Bank, or the appointed person, as the case may be, shall remain in control of the property, business and affairs of the licensed institution concerned, and carry on the business and affairs of that institution in the name and on behalf of that institution, as provided in the said order, until such time as the said order is revoked under section 73 (5).

Throughout the period of control of a licensed institution in pursuance of an order under section 73 (2) (a), there shall be vested in the Bank, or in the appointed person, as the case may be, all the powers of the institution, and of its directors, under the constituent documents of the institution, or exercisable by the institution or its directors under any written law, or otherwise howsoever, regardless whether such powers are exercisable by resolution, special resolution, or in any other manner whatsoever, and any difficulty whatsoever arising in relation thereto may be resolved by the Minister by a direction in writing.

During the period that an order under section 73 (2) (a) is in force, no director of the licensed institution to which the order relates shall, either directly or indirectly, engage in any activity in relation to the institution, except as may be required or authorised by the Bank, or the appointed person, as the case may be, and no remuneration of whatever nature shall accrue or be payable to any director of the institution, except such as may be approved in writing by the Bank, or the appointed person, as the case may be, in relation to any activity required or authorised as aforesaid by the Bank, or the appointed person, as the case may be.

For the avoidance of doubt, it is hereby declared that an order under section 73 (2) (a) shall not have the effect of conferring on, or vesting in, the Bank, or the appointed person, as the case may be, any title to, or any beneficial interest in, any property of the licensed institution to which the order relates.