Court sanction for mergers, sales and other restructurings

(1) If a merger, sale of assets and liabilities or restructuring of liabilities of the licensee under section 92 (Taking control of the bank) is proposed, the Central Bank or the statutory administrator shall, prior to such merger, sale or restructuring, apply to the Supreme Court for approval of the transaction. (2) Upon an application made under sub-section (1), the Supreme Court shall within thirty days– (a) approve the merger, sale or restructuring of the licensee, subject to such terms and conditions as the Supreme Court may determine; (b) order the return of the management and control of the licensee to its shareholders, directors and officers, subject to such safeguards or conditions, if any, as the Supreme Court may consider necessary for the purposes of this Act; or (c) order the compulsory winding-up of the (3) Where an application is made under sub-section (1), the Central Bank shall be entitled to be heard on any consideration that may affect the stability of the financial system in Belize and the need for any transaction to be effected expeditiously in the interests of depositors of the licensee.