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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.

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