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(2) Upon approval by the Central Bank of the report, the receivership shall be terminated and the Central Bank shall notify the Registrar of Companies which shall proceed to terminate the legal existence of the licensed financial institution or licensed financial holding company as a company and the Central Bank and the receiver shall be relieved of any further responsibility in connection with the receivership of the licensed financial institution or licensed financial holding company.

(3) A receivership shall be terminated within five years of its initiation or as soon as is practicable.

Receiver to notify Central Bank of fraudulent activities 157. (1)

If the receiver has reasonable cause to believe that a licensed financial institution or licensed financial holding company or its shareholders, directors, officers, attorneys, accountants or other professionals have engaged or are engaging in fraudulent activities or other criminal activities, the receiver 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.

PART XI VOLUNTARY LIQUIDATION

Voluntary liquidation 158. A voluntary liquidation of a licensed financial institution or licensed financial holding company shall be subject to authorisation by the Central Bank when: (a) the licensed financial institution or licensed financial holding company is solvent and has sufficient liquid assets to repay its depositors and other creditors within three days; and (b) the liquidation has been properly approved by the members or shareholders of the licensed financial institution or licensed financial holding company.

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