Law library · Sierra Leone · The Banking Act, 2019
Section 95, The Banking Act, 2019
Status not yet checkedThe Banking Act, 2019, Sierra Leone
(1) A receiver shall, within 30 days of taking possessionof a bank in receivership -
(a) make an inventory of the assets and property
of the bank and transmit a copy thereof to
the Central Bank, which shall make a copy
available for examination by the public.
(b) establish a new financial position for the
bank, based on a determination of liquidation
values of the bank's assets.
(2) Liabilities shall be deemed due and payable and
interest shall cease to accrue as of the date of the appointment of the
receiver.
(3) Un-matured liabilities shall be discounted to present
value at the rate of interest determined by the Central Bank.
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