14. Resolution powers of the Central Bank

appoint an Administrator to such licensed bank;

effect a transfer of shares of such licensed bank;

transfer all or any selected assets and liabilities of such licensed bank;

cause a capital increase through the existing shareholders and new shareholders;

request the Minister to provide capital to establish a bridge bank; or

request the Minister to provide temporary financial assistance for the resolution of such licensed bank, based on reports submitted by the Central Bank to that effect.

to remove or replace the directors, chief executive officer or the key management personnel or any other employee of such licensed bank;

to recover or claw-back of variable remuneration paid by such licensed bank to any person referred to in paragraph (a);

to override the rights of shareholders of such licensed bank in any transaction;

to terminate, continue or assign contracts, purchase or sell assets, write-down debts and take any other action necessary to restructure or wind-down the operations of the licensed bank;

to ensure continuity of essential services and critical functions by-

the licensed bank to its successor or any acquiring company for a temporary period;

procuring necessary services from unaffiliated third parties on behalf of the licensed bank;

requiring any service provider to continue provision of such services as are necessary for the continuity of critical functions of the licensed bank to a transferee including the bridge bank under the terms and conditions existing prior to the resolution;

to suspend, restrict, or prohibit all or part of the business of the licensed bank for a period not exceeding six months as may be determined by the

to suspend, for a period of no longer than two working days-

the acceleration right, termination right, or set-off right of a financial contract to which the licensed bank is a party, that arises by virtue of the entry of the licensed bank into the resolution or the exercise of any resolution powers under this Act;

the obligation to make a payment or delivery under a contract to which the licensed bank is a party;

the right to attach assets or otherwise collect money or property under a contract to which the licensed bank is a party;

to re-organize the licensed bank by increasing its capital and selling shares to new shareholders, and reconstituting the Board of Directors of the licensed bank;

to re-construct the licensed bank in any manner in the interest of depositors, including the closure of unviable business of the licensed bank or re-organizing its management;

to recognize losses to be allocated to shareholders and subordinated debt holders of a licensed bank;

to convert debt obligations of the licensed bank into capital;

to engage, at the expense of the licensed bank, independent attorneys, accountants, auditors, valuation experts and consultants, on such terms and conditions as may be specified by the Central

to meet expenditure incurred in the exercise of resolution powers under this Act; or

to do such other things as the Central Bank may consider necessary in relation to any matter affecting, or connected with, or incidental to, the exercise of powers under this section.