Termination of statutory administration

(1) Subject to sub-section (2), the statutory administration shall terminate at the expiry of the term specified in the decision appointing the statutory administrator or any extension of the term of such appointment as provided in section 86. (2) Statutory administration shall be terminated prior to the expiry of the term set out in sub-section (1) if the Central Bank determines that– (a) statutory administration is no longer necessary because the grounds for appointment of the statutory administrator have ceased to exist; or 164 (b) the licensee cannot be rehabilitated or restructured and the Central Bank, with the approval of the Minister, issues a decision to revoke the license under section 19 and to commence a proceeding under section 106. (3) Where the statutory administration is terminated in circumstances mentioned in sub-section (1) and the reason for the appointment of the statutory administrator continues to exist, the Central Bank, with the approval of the Minister, shall issue a decision to revoke the licence under section 19 and commence a compulsory winding-up proceeding under section 106. (4) In the case of a termination of statutory administration that does not involve a closure of the licensee, the statutory administrator shall carry out the duties of the licensee’s executive directors until nomination and/or election of executive directors. Upon nomination and/or election of executive directors, the statutory administrator shall return control of the licensee and its properties, offices, assets, books and records to the competent bodies. (5) Within five days of the termination of the appointment, the statutory administrator shall prepare and submit to the Central Bank a final report and accounting of the statutory