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Cessation of business operations 159. When it has received the authorisation of the Central Bank the licensed financial institution or licensed financial holding company shall: (a) immediately cease to carry on business, retaining only the powers necessary to effect an orderly liquidation; (b) repay its depositors and other creditors; and (c) wind up all operations undertaken prior to the receipt of the authorisation.

Notice to depositors of voluntary liquidation 160. (1)

Within thirty days from the receipt of authorisation referred to in section 158 a notice of voluntary liquidation, setting out any information as the Central Bank may determine, shall be sent by mail to all depositors, other creditors and persons otherwise entitled to the funds or property held by the licensed financial institution or licensed financial holding company as a trustee, lessor of a safe deposit box or bailee.

(2) The notice shall be posted conspicuously on the premises of each office and branch of the licensed financial institution or licensed financial holding company and shall be published as the Central Bank, shall direct.

(3) The Central Bank may exempt the mailing of such notice to specified persons upon a showing of cause by the licensed financial institution or licensed financial holding company.

Rights of depositors and creditors in voluntary liquidation 161. (1) The authorisation to go into voluntary liquidation shall not prejudice the rights of a depositor or other creditor to payment in full of his claim nor the right of an owner of funds or other property held by the licensed financial institution or licensed financial holding company to the return.

(2) All deposits shall be paid within three days, all other lawful claims shall be paid

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