Mergers, sales and other restructurings

(1) Subject to section 92, on the basis of the report produced under section 90 and with the approval of the Central Bank, the statutory administrator may carry out a merger of the licensee with another licensee operating under the provisions of this Act or a transfer, in whole or in part, of the licensee’s assets or liabilities, or both. (2) A transfer of the licensee’s assets and liabilities may include a transfer to a bridge bank, which is a bank established by the government or the Central Bank for a temporary period for the purpose of resolving the failing licensee. (3) Subject to section 92, in accordance with the instructions given by the Central Bank, the statutory administrator may carry out a restructuring of the licensee’s liabilities through 162 arrangements with the licensee’s creditors, including a reduction, modification, rescheduling and novation of their