Duration of control
35.—(1)  The Authority must 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.
[9/2013; 31/2017]
(2)  A statutory manager is deemed to have assumed control of the relevant business of a relevant financial institution on the date of the statutory manager’s appointment as a statutory manager.
[9/2013]
(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
(b)on any other ground,
and upon such revocation, the statutory manager must cease to be in control of the relevant business of the relevant financial institution.
[9/2013; 31/2017]
(4)  The Authority must, 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.
[9/2013]