1987 Ed.]
Banking
[CAP. 155
45
on behalf of the institution until it is no longer necessary, in the opinion of the Financial Secretary, for the Commissioner or such other person to remain in control of the institution.
(2) Where the Commissioner has assumed control of the business of an authorized institution under section 52(1)(C) or pursuant to an order of the Governor in Council under section 53(1)(ii) or some other person has assumed control of the business of an authorized institution pursuant to a direction under section 52(1)(C) or an order of the Governor in Council under section 53(1)(ii), the Governor in Council, upon the application of the institution, may, if he is satisfied that it is no longer necessary for the protection of the depositors of the institution that the Commissioner or such other person should remain in control of the business of the institution, order that the Commissioner or such other person shall cease to control the business of the institution as from a date specified in the order.
Where the Commissioner has assumed control of the business of an authorized institution under section 52(1)(C) or pursuant to an order of the Governor in Council under section 53(1)(ii) or some other person has assumed control of the business of an authorized institution pursuant to a direction under section 52(1)(C) or an order of the Governor in Council under section 53(1)(ii) or any such control has been relinquished pursuant to any of the provisions of this section, the Financial Secretary shall cause to be published in the Gazette a notification of the fact of the assumption or cessation of such control, as the case may be.
58. (1) Where the Commissioner has assumed control of the business of an authorized institution under section 52(1)(C) or pursuant to an order of the Governor in Council under section 53(1)(ii), or some other person has assumed control of the business of an authorized institution pursuant to a direction under section 52(1)(C) or an order of the Governor in Council under section 53(1)(ii), the institution shall submit its business to the control of the Commissioner or such other person and shall provide him with the services of such members of its staff and such other facilities as he may consider necessary for carrying on the business of the institution and in connection therewith the directors and managers shall comply with and carry out any directions which the Commissioner or such other person may give to them.
(2) Without limiting the generality of subsection (1), where by reason of the absence of directors or for any reason whatsoever the seal of an authorized institution whose business is
(a) in the control of the Commissioner under section 52(1)(C) or pursuant to an order of the Governor in Council under section 53(1)(ii); or
(b) in the control of some other person pursuant to a direction under section 52(1)(C) or an order of the Governor in Council under section 53(1)(ii),
Authorized institution under control of Commissioner to co-operate with Commissioner.