Duration of control
35.—(1)  The Authority shall cease to be in control of the relevant business of a relevant financial institution when the Authority is satisfied that —
(a)the reasons for the Authority’s assumption of control of the relevant business have ceased to exist; or
(b)it is no longer necessary for the protection of the persons prescribed by regulations made under section 41 for the purposes of section 33(1)(c)(i) in relation to the relevant financial institution.
[Act 31 of 2017 wef 04/06/2018]
(2)  A statutory manager shall be deemed to have assumed control of the relevant business of a relevant financial institution on the date of his appointment as a statutory manager.
(3)  The appointment of a statutory manager in relation to the relevant business of a relevant financial institution may be revoked by the Authority at any time —
(a)if the Authority is satisfied that —
(i)the reasons for the appointment have ceased to exist; or
(ii)it is no longer necessary for the protection of the persons prescribed by regulations made under section 41 for the purposes of section 33(1)(c)(i) in relation to the relevant financial institution; or
[Act 31 of 2017 wef 04/06/2018]
(b)on any other ground,
and upon such revocation, the statutory manager shall cease to be in control of the relevant business of the relevant financial institution.
(4)  The Authority shall, as soon as practicable, publish in the Gazette the date, and such other particulars as the Authority thinks fit, of —
(a)the Authority’s assumption of control of the relevant business of a relevant financial institution;
(b)the cessation of the Authority’s control of the relevant business of a relevant financial institution;
(c)the appointment of a statutory manager in relation to the relevant business of a relevant financial institution; and
(d)the revocation of a statutory manager’s appointment in relation to the relevant business of a relevant financial institution.
[Act 31 of 2017 wef 04/06/2018]
[Act 9 of 2013 wef 18/04/2013]