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133.   Mergers, sales and other restructurings

Revised Laws of Saint Lucia (2021)

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133.   Mergers, sales and other restructurings

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    (1)   On the basis of the report produced under section 130 and with the approval of the Central Bank, the official administrator may carry out a merger of the licensed financial institution or licensed financial holding company or a transfer, in whole or in part, of the licensed financial institution's or licensed financial holding company's assets and liabilities, without obtaining any approval, assignment, or consent with respect to such transfer or assumption.

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    (2)   A transfer of the licensed financial institution's assets and liabilities may include a transfer to a bridge financial institution or an asset management vehicle established by one or more Participating Governments for the purpose of resolving the licensed financial institution.

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    (3)   The transferee may be required to continue operating at the premises of the transferor for a specified period of time, including safe deposit box and safekeeping activities.

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    (4)   The transferee of assets of the licensed financial institution or licensed financial holding company shall have no liability to depositors, creditors, or shareholders of the licensed financial institution or licensed financial holding company except to the extent liabilities are explicitly assumed.

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    (5)   In accordance with the instructions given by the Central Bank, the official administrator may approve a restructuring of the licensed financial institution's or licensed financial holding company's liabilities through arrangements with the creditors, including a reduction, modification, rescheduling and novation of their claims.

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    (6)   In carrying out a transfer of assets and liabilities, where a depositor whose deposit is to be transferred owes the licensed financial institution an amount for a matured or past-due loans, that amount may be set-off against the deposit amount in accordance with prudential standards issued by the Central Bank.

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