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standards issued by the Central Bank.

Misconduct by shareholders, directors, officers or others 135. If the official administrator has reasonable cause to believe that significant shareholders, directors, officers, attorneys, accountants or other professionals have engaged or are engaging in illegal activities punishable by imprisonment or in fraudulent activities, it shall immediately notify: (a) the Central Bank and shall pursue civil actions seeking damages and restitution; and (b) the authorities responsible for investigating and prosecuting the activities.

Expenses of the official administration 136. (1) The official administrator shall receive a remuneration determined by the Central Bank.

(2) All costs and expenses incurred on account of the official administration shall be borne by and charged to the licensed financial institution or licensed financial holding company subject to any proceedings.

Termination of official administration 137. (1)

The official administration shall terminate at the expiry of the term specified in the decision appointing the official administrator or any extension of the term of appointment by the Central Bank.

(2) An official administration may be terminated prior to the expiry of the term identified in subsection (1) if the Central Bank determines that: (a) official administration is no longer necessary because the grounds for appointment of the official administrator have been remedied; or (b) the licensed financial institution or licensed financial holding company

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