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Notice of appointment of official administrator 115. A licensed financial institution or a licensed financial holding company shall be promptly notified of the appointment of an official administrator and the notification shall specify the grounds for the appointment. Effective date of appointment 116. The appointment of an official administrator shall be effective from the time specified by the Central Bank. Persons qualified to be official administrator 117. The official administrator may be a person from the private sector or an official of the Central Bank who meets the qualifications determined by the Central Bank. Period of appointment 118. (1) An official administrator may be appointed for a period not exceeding twelve months. (2) An official administrator may be appointed for a further period not exceeding twelve months if it appears to the Central Bank that additional time is required to ensure an orderly restructuring of the licensed financial institution or licensed financial holding company under this Act.

Replacement and removal of official administrator 119. (1) The official administrator may at any time be replaced by the Central Bank.

(2) The official administrator may be removed prior to the end of the period specified.

Official administrator to be fit and proper 120. An official administrator shall be subject to the fit and proper provisions of this Act

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