(1) Upon the appointment of an official administrator, all powers, functions and responsibilities of the licensed financial institution's or licensed financial holding company's shareholders, directors, and officers shall vest in the official administrator, except where the official administrator requests the shareholders or directors or officers to carry out any activity provided under this Act.
(2) The official administrator shall have full and exclusive powers to manage and operate the licensed financial institution or licensed financial holding company, including taking any action —
(a) necessary or appropriate to carry on the business of the licensed financial institution or licensed financial holding company in accordance with this Act, Regulations made under section 183, Orders or prudential standards issued by the Central Bank;
(b) to preserve and safeguard its assets and property; or
© to implement a plan of action with respect to the licensed financial institution or licensed financial holding company approved by the Central Bank.
(3) The official administrator may, with the approval of the Central Bank, and notwithstanding any other law or the constituent documents of the licensed financial institution or licensed financial holding company —
(a) remove any or all directors and officers, and appoint their replacements subject to the criteria in section 97;
(b) issue shares, or rights to acquire shares, in the licensed financial institution or licensed financial holding company;
© cancel shares, or rights to acquire shares, in the licensed financial institution or licensed financial holding company;
(d) reduce the share capital by cancelling any paid-up share capital that is not represented by available assets; or
© sell shares, or rights to acquire shares, in the licensed financial institution or licensed financial holding company.
(4) The official administrator may employ, at the expense of the licensed financial institution or licensed financial holding company in official administration —
(a) legal counsel;
(b) accountants;
© valuators;
(d) appraisers;
© and other independent professionals or consultants,
to assist the official administrator, on terms the Central Bank shall approve.