Compulsory winding-up and appointment of liquidator

(1) The Central Bank shall appoint a liquidator for a licensee if– (a) the Central Bank has revoked the license of the licensee pursuant to section 19(1)(h), (j) or (m); or (b) the is terminated pursuant to section 98(2)(b). (2) The Central Bank may appoint a liquidator for the licensee if the Central Bank has revoked the license of the licensee pursuant to section 19(1)(a), (b), (c), (d), (e), (f), (g), (i) or (l). (3) In the event of a revocation of the licence of a licensee under sub-section (1)(a) or the termination of a statutory administration under sub-section (1)(b), the Central Bank shall simultaneously take possession and control of the licensee through the appointment of a liquidator. (4) The liquidator shall be a person from the private sector or an officer of the Central Bank who meets such qualifications as may be prescribed by the Central Bank. 170 (5) The Central Bank shall have the power to vary or revoke the appointment of the liquidator at any time upon written notice to the person so appointed, and that person immediately shall cease to act as liquidator. The Central Bank shall appoint a replacement who shall be a person from the private sector or an officer of the Central Bank who meets such qualifications as may be prescribed by the Central Bank. (6) The terms of the liquidator’s compensation shall be set by the Central Bank and may include incentives for meeting the objectives described in section 109 and may include penalties for failure to meet such objectives. (7) The compensation of the liquidator and experts that he engages, reimbursement of their expenses and expenses of the Central Bank in execution of provisions of this Part with respect to a licensee shall be paid from the assets of the licensee. Payments to the liquidator shall be made on a current basis if in the judgment of the liquidator and upon approval of the Central Bank, there are sufficient liquid assets. Any moneys owing to the liquidator at the end of the term of liquidation shall be paid from the proceeds from the sales of the licensee’s assets with the priority described in section 116. (8) The Central Bank may indemnify the liquidator for the costs of any claims, causes of action, judgments, orders, fines, amounts paid in settlement, including attorneys’ fees and reasonably incurred by such person in the performance of the functions of a liquidator unless it is shown that such person acted in bad faith and in a manner inconsistent with the performance of his functions and duties or the exercise of his powers under