Consequences of revocation of licence

(1) Where a licence is revoked under section 25, the licensee shall forthwith surrender the licence and every copy thereof in his possession to the Central Bank and the Central Bank may appoint any person it deems suitably qualified to properly carry out the functions of an administrator or liquidator with respect to the affairs of the licensee. (1A) Every such person so appointed shall have full power and authority to perform the functions of the administrator or liquidator for that licensee without further action on the part of the Central Bank and with such legal rights and duties under the laws of Belize as may be held by the Central Bank acting in such capacity. (2) The Central Bank shall promptly give notice of the revocation of the licence and of the appointment of the administrator or liquidator, if any, to the licensee as well as to the creditors, depositors, directors, shareholders, customers, and 40 employees of the licensee and to the relevant authorities in Belize and abroad. Preventative