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Avoidance of pre-receivership transfers 147. (1)

The receiver may set aside the following transactions affecting the assets of the licensed financial institution or licensed financial holding company and recover the assets from the transferee or other beneficiary of the transaction: (a) gratuitous transfers to directors, officers, and significant shareholders of the licensed financial institution or licensed financial holding company or their relatives made within three years prior to the effective date of the receivership; (b) transactions with related parties or affiliates conducted within three years prior to the effective date of the receivership, if detrimental to the interest of depositors and other creditors; (c) gratuitous transfers to third parties made within three years prior to the effective date of the receivership; (d) transactions in which the consideration given by the licensed financial institution or licensed financial holding company considerably exceeded the received consideration, made within three years prior to the effective date of the receivership; (e) a transaction based on a forged or fraudulent document that the licensed financial institution or licensed financial holding company has executed to the detriment of creditors; (f) any act done with the intention of all parties involved to withhold assets from a licensed financial institution’s or licensed financial holding company’s depositor and creditors, or otherwise impair their rights, within five years prior to the effective date of the receivership; and (g) transfers of property of the licensed financial institution or licensed financial holding company to, or for the benefit of a depositor or creditor on account of a debt incurred within one year prior to the effective date of the receivership which has the effect of increasing the amount that the depositor or creditor would receive in a liquidation of the licensed financial institution or licensed financial holding company but payment of deposits in an amount equal to or less than one hundred thousand dollars per depositor shall not be subject to this

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