S.L. 371.12 Art. 13Withdrawal of a credit institution’s authorisation. Cap. 386.

(1) Where the Court decides upon the opening of winding-

up proceedings either in the absence of reorganisation measures or in terms of article 329B(12) of the Companies Act following the failure of reorganisation measures, the authorisation of the credit institution shall be withdrawn by the competent authority in terms of the provisions of article 9 of the Act.

(2) In the event of the withdrawal of authorisation the competent authority shall, in terms of article 9(7) of the Act inform the foreign authority of the host State so as to enable it to take appropriate measures to prevent the credit institution concerned from initiating further transactions within its territory and to safeguard the interests of depositors.

(3) The withdrawal of authorisation provided for in this regulation shall not prevent the person or persons entrusted with the winding-up from carrying on some of the credit institution’s activities insofar as that is necessary or appropriate for the purposes of winding-up:

Provided that, such activities shall be carried under the supervision of the competent authority.