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Obligations of lessors of licensed financial institution or licensed financial holding 148. company premises and utility providers A lessor of a licensed financial institution’s or licensed financial holding company’s premises or a utility company or other provider of utility services including, without limitation, a company that supplies electricity, water or telecommunication services (including internet), may not alter, refuse or discontinue the services to a licensed financial institution or licensed financial holding company because of its receivership or because the licensed financial institution or licensed financial holding company has failed to pay for the services prior to its receivership. Irrevocable money and securities transfer orders entered by a licensed financial institution or licensed financial holding company into a payment or securities settlement system recognized as such by the Central Bank shall be legally enforceable and binding on third parties, even upon a decision revoking the licence and appointing a receiver, but only if the transfer orders become irrevocable before the decision takes effect. (2) Where a licensed financial institution or licensed financial holding company enters irrevocable money or securities transfer orders into a payment or securities settlement system after the decision revoking the licence and appointing a receiver takes effect and the transfer orders are carried out on the day of the decision, the transfer orders shall be legally enforceable and binding on third parties, unless the receiver proves that the system operator was aware of the decision before the transfer orders became irrevocable. (3) No provision authorizing the setting aside of contracts and transactions entered into before the appointment of a receiver takes effect shall be applied in a way as to require the unwinding of netting by a payment or securities settlement system recognized by the Central Bank, but the preservation of the netting shall not prevent the ability of the receiver to recover assets directly from the transferee or beneficiary. Protection of payment, clearance, and settlement systems 149. (1)

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