Section 74, The Banking Act, 2019

(1) The Central Bank may by notice in writing appoint aperson to be the official administrator of a bank in resolution with specified powers and functions. (2) A notice in writing appointing a person to be the official administrator under subsection (1) shall - (a) specify the grounds upon which it is adopted and such decision shall be promptly notified to the bank subject to official administration; (b) be effective at the time specified in the decision or, if no time is specified, at the time notice is given under sub section (1); 90 91 Claims of affected persons. Official (c) have legal force and effect of an enforceable court order requiring law enforcement authorities to provide assistance. (3) A bank may remain in official administration for a period not exceeding 6 months and the period may be extended by the Central Bank only once, for a period not exceeding 6 months. (4) The Central Bank may remove the official administrator before the end of the period specified in paragraph (a) of subsection (2) and appoint a replacement. (5) The Central Bank shall ensure that the bank remains under the control of an official administrator appointed under subsection (1), during official administration, (6) An official administrator appointed under subsection (1), shall have an obligation to report to the Central Bank and not to the board of directors. (7) The official administrator shall have no financial interests or relationship nor engage in any transaction with the bank or specialised deposit-taking institution in official administration. (8) Where an official administrator engages in any transaction involving the bank or specialised deposit-taking institution in official administration contrary to subsection (7), the Central Bank shall set aside the transaction, terminate the appointment of the official administrator with immediate effect, and appoint a new official administrator. (9) The Central Bank shall notify the Deposit Protection Fund in advance of the commencement, suspension or cessation of official administration of a bank. (10) Where applicable the Central Bank shall immediately notify the supervisor of a financial holding company of the commencement, suspension or cessation of official administration of a bank.