S.L. 371.12 Art. 12Consultation with competent authority before voluntary winding- up.

(1) Before any voluntary winding-up decision is taken by the board of directors or other governing bodies of a credit institution these said governing bodies shall consult the competent authority in the most appropriate form.

(2) The commencement of the voluntary winding-up of a credit institution shall not preclude the adoption of reorganisation measures or the opening of winding-up proceedings by the Court.