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(3) The receiver shall secure the property, offices, books, records, and assets of the licensed financial institution or licensed financial holding company to seek to prevent their dissipation by theft or other improper action.

(4) Any person who wilfully interferes with a receiver’s access to or control over the offices, books of account and other records, and other assets of a licensed financial institution or licensed financial holding company commits an offence and is liable on summary conviction to a fine not exceeding fifteen thousand dollars or imprisonment for a period not exceeding one year.

Repudiation of contracts 146. (1)

Within ninety days from the date of appointment, the receiver may repudiate any contract to the extent that the fulfilment of the contract is determined to be burdensome for the licensed financial institution or licensed financial holding company and the repudiation would promote the orderly administration of the licensed financial institution’s or licensed financial holding company’s affairs and protect depositors’ interest.

(2) Any liability arising from the repudiation shall be determined as of the date of repudiation and shall be limited to actual direct damages incurred and shall not include any damage for lost profits or opportunity or non-monetary damages.

(3) In case of repudiation of a lease agreement of immovable and movable property, the receiver shall give the owner thirty days’ notice.

(4) This section shall not apply to contracts entered into by an official administrator appointed in accordance with Part IX, except with the prior approval of the Central Bank.

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