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and any prudential standards issued by the Central Bank.

Declaration of conflict of interest 121. Section 110 shall apply to an official administrator except that any obligation to report to the board shall represent an obligation to report to the Central Bank, and any decision to be made by the board of a licensed financial institution or licensed financial holding company shall refer to a decision of the Central Bank. Transactions to be approved by Central Bank 122. Any transaction involving the licensed financial institution or licensed financial holding company in official administration in which the official administrator has a material interest or relationship in the matter may be engaged in only with the prior approval of the Central Bank. Failure of official administrator to disclose interest 123. If an official administrator fails to disclose an interest or relationship as required, the contract may be set aside and the Central Bank shall remove the official administrator. Upon the appointment of an official administrator, all powers, functions and responsibilities of the licensed financial institution’s or licensed financial holding company’s shareholders, directors, and officers shall vest in the official administrator, except where the official administrator requests the shareholders or directors or officers to carry out any activity provided under this Act. (2) The official administrator shall have full and exclusive powers to manage and operate the licensed financial institution or licensed financial holding company, including taking any action: (a) necessary or appropriate to carry on the business of the licensed financial institution or licensed financial holding company in accordance General powers of the official administrator 124. (1)

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