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Objectives of liquidator of authorised credit institution.
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80.— (1) The liquidator of an authorised credit institution has 2 objectives, as follows:
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(a) Objective 1—
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(i) to facilitate the Bank in ensuring that each eligible depositor receives the prescribed amount payable under Regulation 4 of the Regulations of 1995 from the deposit protection account, or
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(ii) to facilitate the Bank in transferring that amount from the deposit protection account to another authorised credit institution or to a credit institution approved by the Bank, to hold that amount on behalf of each such eligible depositor;
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(b) Objective 2, to wind up the affairs of the authorised credit institution so as to achieve the best results for that credit institution’s creditors as a whole.
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(2) In the event of a conflict between Objective 1 and Objective 2, Objective 1 takes precedence.
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(3) The liquidator of an authorised credit institution shall begin working towards both objectives immediately upon his or her appointment. The liquidator and the Bank shall cooperate in the pursuit of those objectives.
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(4) The duties of a liquidator under this Part are in addition to the other duties of a liquidator.
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(5) The liquidator of an authorised credit institution—
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(a) shall comply with a request of the Bank for information in relation to the liquidation, and
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(b) may provide the Bank with any other information that the liquidator thinks might be useful for the purpose of co-operating in the pursuit of Objective 1.
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