Effect and objective of appointment of statutory administrator

(1) As of the effective time of appointment of the statutory (a) all powers, duties, functions, rights and privileges of the licensee’s shareholders, directors and officers responsible for its management shall be immediately suspended and vested in the statutory administrator, unless the statutory administrator requests any shareholder, director or officer to carry out any activity provided under this law; and (b) any action or decision taken by or on behalf of the licensee subject to statutory administration shall, unless they are taken by or under the authority of the statutory administrator, be null and void. (2) The statutory administrator shall be appointed for the purposes of either rehabilitating or restructuring the licensee or to prepare it for liquidation.