Moratorium
77.—(1)  Despite section 53(2) but subject to section 125, during the period beginning on the date of publication of the notice in section 74(1)(a) in the Gazette or, where the notice is not published in the Gazette, the date of publication of the bail-in certificate in the Gazette under section 75(7), and ending on the appointed date of the certificate —
(a)no resolution may be passed, and no order may be made, for the winding up of the Division 4A FI;
(b)no judicial manager may be appointed under Part 7 of the Insolvency, Restructuring and Dissolution Act 2018 in relation to the Division 4A FI;
[Act 40 of 2018 wef 30/07/2020]
(c)no civil proceedings may be commenced or continued against the Division 4A FI in respect of any business of the Division 4A FI;
(d)no execution, distress or other legal process may be commenced, levied or continued against any property of the Division 4A FI;
(e)no steps may be taken to enforce any security over any property of the Division 4A FI; and
(f)any sale, transfer, assignment or other disposition of any property of the Division 4A FI is void, except for (where the pertinent financial institution is an insurer licensed under the Insurance Act (Cap. 142)) any payment of claims to policy owners or claimants, other than policy owners who are related corporations of the Division 4A FI.
(2)  No shareholder of a Division 4A FI or resulting FI may exercise any voting power in the Division 4A FI or resulting FI during the period beginning on —
(a)the date the notice in section 74(1)(a) is published in the Gazette; or
(b)where that notice is not published in the Gazette, the date the bail-in certificate is published in the Gazette under section 75(7),
and ending on the date on which the Minister publishes a notice in the Gazette that this subsection ceases to apply.
(3)  Subsection (2) has effect despite anything in the Companies Act or the constitution of the Division 4A FI or resulting FI.
[Act 31 of 2017 wef 29/10/2018]