Moratorium and effect of official administration on proceedings and contracts

(1) The Central Bank may impose a moratorium suspending some or all payments by a licensee in statutory administration. (2) No person or class of persons shall, without the consent (a) commence or continue any legal proceeding, whether in a Court or otherwise, against a licensee in statutory administration; 158 (b) exercise any rights under a mortgage, charge or other security over the property of a licensee in statutory management; (c) levy any execution, attach any debt, or otherwise enforce or seek to enforce any judgment or order obtained against the licensee; or (d) take any step to sell, transfer, assign or otherwise dispose of any property of the bank. (3) No right or obligation of a third party under any contract to which the licensee in statutory administration is a party may be terminated, crystalized, or modified solely because of the appointment of the statutory administrator or any action taken by the statutory administrator.