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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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