(1) The official administration shall terminate at the expiry of the term specified in the decision appointing the official administrator or any extension of the term of appointment by the Central Bank.
(2) An official administration may be terminated prior to the expiry of the term identified in subsection (1) if the Central Bank determines that —
(a) official administration is no longer necessary because the grounds for appointment of the official administrator have been remedied; or
(b) the licensed financial institution or licensed financial holding company cannot be rehabilitated and the Central Bank issues a decision to revoke the licensed financial institution's or licensed financial holding company's license under section 14 and to commence liquidation proceedings under Part 10.
(3) In the case of a termination of official administration that does not involve a closure of the licensed financial institution or licensed financial holding company the official administrator shall carry out the duties of the licensed financial institution's or licensed financial holding company's directors and officers, until nomination or election of new directors and appointment of officers, at which time all powers of control over the affairs of the licensed financial institution or licensed financial holding company and its properties, offices, assets, books and records that were vested in the official administrator shall vest in the licensed financial institution or licensed financial holding company.
(4) The decision of the Central Bank to terminate an official administration shall be accompanied by a recommendation by the official administrator and a detailed report prepared by the official administrator supporting the recommendation.
(5) Within thirty days of the termination of the appointment, the official administrator shall prepare and submit to the Central Bank a final report and accounting of the official administration.