36. Vesting of administration and management of finance company in person

Where the Board has taken over the administration and management of a finance company under section 34 the Board may, in order to take steps to safeguard the interest of the depositors or creditors vest the administration and management of such finance company in any person with the consent of such person and publish a notice in the Gazette in that regard. The person on whom the administration and management of such finance company is vested shall exercise, perform and discharge with respect to such finance company all the powers, duties and functions conferred or imposed on, or assigned to the Board of Directors of such company by or under any written law or by the Articles of Association of the company or to any other person by the Articles of Association of such company.

Where the Board has vested the administration and management of a finance company in any person the Board may direct any shareholder of such finance company to divest or transfer the ownership of any shares owned by him to a person nominated by the Board on payment by such person of compensation as follows-

Any person in whom the Board vests the administration and management of a finance company, may, discharge such functions in accordance with the provisions of this Act and the provisions of subsection (2) of section 34