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of the sales of the licensed financial institution’s or licensed financial holding company assets with the priority described in section 153.

Commencement and notice of receivership 140. (1)

The Central Bank shall provide immediate notice regarding the appointment of a receiver and revocation of licence to the chairman of the board of directors of a licensed financial institution or licensed financial holding company.

(2) The appointment of a receiver of a licensed financial institution or licensed financial holding company shall be effective from the date of issuance of the notice, unless the notice states otherwise.

(3) The receiver shall immediately post in each office of the licensed financial institution or licensed financial holding company and publish in the Gazette and at least one local newspaper a notice announcing the revocation of the licence and appointment by the Central Bank, specifying the effective date and time and the procedures and time frame for depositors and other creditors and stakeholders to present their claims against the licensed financial institution or licensed financial holding company to the receiver.

(4)

The notice shall also specify that:

(a) authorisations of persons to engage the financial responsibility of the licensed financial institution or licensed financial holding company have been cancelled; (b) persons who previously had authorisation to give instructions on behalf of the licensed financial institution or licensed financial holding company with respect to payment or transfer of the licensed financial institution’s or licensed financial holding company’s assets or assets managed by the licensed financial institution’s or licensed financial holding company are no longer so authorised; and (c) the licensed financial institution or licensed financial holding company licence

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