Law library · Sierra Leone · The Banking Act, 2019
Section 96, The Banking Act, 2019
Status not yet checkedThe Banking Act, 2019, Sierra Leone
(1) Within 30 days from the date of appointment, areceiver may repudiate any non-performed or partially performed
contract, to the extent that the fulfilment of such contract is
considered to be burdensome for the bank in receivership and the
repudiation would promote the orderly administration of the bank's
affairs and protect depositors' interest.
(2) Any liability arising from a repudiation under
subsection (1), shall be determined as of the date of repudiation and
shall be limited to actual direct damages incurred and shall not include
any damage for lost profits or opportunity or non-monetary damages.
(3) In case of repudiation of a lease contract of immovable
and movable property, the owner shall be given 30 days' notice of
the receiver's intention to repudiate the contract.
Read the whole lawDownload PDFAsk Tima what this means
Check the current official version before relying on this text. MiLAWYER shares legal information, not legal advice.