Determination by Authority
73.—(1)  Subject to subsection (2), the Authority may make one or more of the following determinations concerning one or more eligible instruments issued by a Division 4A FI, or to which it is a party or is subject:
(a)that the eligible instrument or instruments should be cancelled;
(b)that the eligible instrument or instruments should be modified, converted or changed in form;
(c)that the eligible instrument or instruments should have effect as if a right of modification, conversion or change of its or their form had been exercised.
(2)  The Authority may make the determination in subsection (1) if —
(a)any ground exists for the Authority to exercise any power under the relevant provisions applicable to the Division 4A FI, whether or not the Authority has exercised the power; and
(b)the Authority is of the opinion that —
(i)the eligible instrument or instruments ought to be bailed in to facilitate the orderly resolution of the Division 4A FI; or
(ii)the Division 4A FI’s available assets do not or are unlikely to support payment of its liabilities, as they become due and payable.
(3)  The Authority may, before making a determination, appoint one or more persons —
(a)to perform an independent assessment of the extent to which the acts mentioned in subsection (1)(a), (b) and (c) should be carried out for all or any eligible instruments; and
(b)to furnish to the Authority a report on the assessment.
(4)  The remuneration and expenses of any person appointed under subsection (3) are to be paid by the Division 4A FI.
(5)  The Authority must serve a copy of any report furnished under subsection (3) on the Division 4A FI.
(6)  Upon making a determination, the Authority must submit the determination to the Minister for approval.
[Act 31 of 2017 wef 29/10/2018]