Section 92, The Banking Act, 2019

(1) Upon appointment the receiver shall become the solelegal representative of the bank and shall succeed all the rights and powers of the shareholders, directors and key management personnel of the bank in receivership. (2) Notwithstanding subsection (1) shareholders, directors and key management personnel may be instructed by the receiver to exercise specified functions for the bank in receivership. (3) The rights and powers of the receiver shall include- (a) holding title to the books, records, and assets of the bank in receivership; (b) managing, operating and representing the bank in receivership; (c) marshalling assets and claims of the bank in (d) transferring or disposing of assets of the bank in receivership; (e) subject to the approval of the Central Bank, suspending or limiting the payment of debts of the bank in receivership; (f) hiring specialists, experts or professional consultants; Qualification and compensation of receiver. Notice and registration of receivership. Powers of receiver. 100 101 oversight of receiver (g) administering the accounts of the bank in (h) collecting the debts due to the bank in receivership and recovering goods owed to it by third parties; (i) taking action to collect from directors and officers of the bank in receivership, lawyers, auditors and any other third parties including holding companies who may have contributed to the failure of the bank; (j) initiating or defending legal proceeding and executing relevant instruments in the name of the bank in receivership; and (k) taking any other action necessary for the efficient liquidation of the bank in receivership and to obtain the maximum amount from the sale of its assets. (4) A receiver shall not take any deposits. (5) Within 90 days from the date of appointment, the receiver may make payments to other creditors of such amounts as in his opinion may appropriately be used for that purpose; provided, however, that creditors who are similarly situated shall be treated in the same manner. (6) The receiver may, upon the prior written approval of the Central Bank and according to its guidelines - (a) sell the assets or arrange for the assumption of liabilities of a bank in receivership on fair terms; (b) dispose of assets and liabilities of the bank in receivership, including deposit liabilities through a purchase and assumption transaction; or (c) organise a restructuring of the assets and liabilities of the bank in receivership or continue viable or necessary operations through a bridge institution. (7) Deposit liabilities may be acquired by a bank or bridge institution established by the Central Bank for a temporary period of not more than 2 years for the purpose of resolving the bank in (8) The Central Bank may extend the temporary period of existence of a bank or bridge institution under subsection (1), but any such extension shall not exceed 3 years followed by a further extension of one year. (9) A receiver may request any information from the existing or previous directors, senior managers, shareholders, employees and its subsidiaries and affiliates or any third parties of a bank in receivership who hold information that may be necessary to carry out their functions. (10) The Central Bank shall approve or decline a merger of a bank in receivership with another bank, or sale of substantially all the assets of a bank in receivership to any one bank, based upon the criteria in section 35. (11) Notwithstanding anything contained in this Act, a receiver shall not make any payments to an insured depositor unless and until the Deposit Protection Fund has completed pay-outs and any re-claims to insured depositors as the case may be. (12) Where the Deposit Protection Fund makes payment to an insured depositor which falls short of the deposits made by the insured depositor the receiver may make payment in relation to the shortfall.