Section 75, The Banking Act, 2019

(1) As of the effective time of the appointment all powers,functions and responsibilities of the bank's shareholders, directors and key management personnel shall be vested in the official administrator unless the official administrator requests the shareholders or directors or key management personnel to carry out any activity required under this Act. (2) Any action or decision taken by or on behalf of a bank under official administration shall be null and void, unless taken by or under the authority of the official administrator. (3) An official administrator shall have full and exclusive powers to manage and operate a bank under official administration in accordance with regulations, directives and guidelines of the Central (4) An official administrator may take any action as necessary or appropriate to carry on the business of a bank under official administration, to preserve and safeguard its assets or to implement a plan of action with respect to the bank that has been approved by the Central Bank. (5) An official administrator shall have the power to set out principles for valuation of assets and liabilities in accordance with guidelines of the Central Bank (6) An official administrator may request any information from the existing or previous directors, senior managers or shareholders of a bank in official administration, its subsidiaries, affiliates or any third parties who hold information that may be necessary to carry out his functions (7) An official administrator may employ, at the expense of a bank under official administration, independent attorneys, accountants and consultants to assist the official administrator, on such terms as the Central Bank shall approve. (8) An official administrator shall, upon appointment, immediately suspend the payment of any dividends or other form of capital distribution to shareholders as well as any payment to directors other than for salaries or services provided to the bank. (9) An official administrator shall have unrestricted access to, and control over, the properties, offices, assets and the books of account and other records of the bank subject to official administration. 92 93 Powers of official (10) An official administrator may secure the properties, offices, assets, books and records of a bank and may take all necessary or appropriate steps aimed at such purpose. (11) An official administrator may, if necessary request law enforcement officials to assist him, if necessary, use force, to gain access to any premises of the bank and to gain control over and to secure properties, offices, assets, books and records. (12) Directors, key management personnel and employees of the bank shall cooperate fully with and assist the official administrator and shall make available to the official administrator all records and documentation pertaining to the bank in official administration and any additional information or report requested by the official administrator. (13) A person who fails to comply with subsection (12) or otherwise obstructs an official administrator in the performance of his functions under this Act shall be liable on summary conviction to a fine or to serve a term of imprisonment not exceeding 2 years or both.