(1) Upon appointment the receiver shall become the sole legal representative of the licensed financial institution or licensed financial holding company, and shall succeed to all the rights, titles, powers and privileges of the licensed financial institution or licensed financial holding company and its shareholders, directors and officers.
(2) Notwithstanding subsection (1), shareholders, directors and officers may be instructed by the receiver to exercise specified functions for the licensed financial institution or licensed financial holding company.
(3) The receiver may —
(a) hold title to the books, records, and assets of the licensed financial institution or licensed financial holding company;
(b) manage, operate and represent the licensed financial institution or licensed financial holding company with all of the powers of the shareholders, directors and officers;
© marshall assets and claims;
(d) transfer or dispose of assets and liabilities;
€ take any other action necessary for the efficient liquidation of the licensed financial institution or licensed financial holding company;
(f) continue or discontinue any operation of the licensed financial institution or licensed financial holding company;
(g) borrow money on a secured or unsecured basis;
(h) hire any necessary staff, specialists, experts or professional consultants and terminate their employment;
(i) administer the licensed financial institution's or licensed financial holding company's accounts;
(j) collect the debts due to the licensed financial institution or licensed financial holding company and recover goods owed by the third parties;
(k) execute any instrument in the name of licensed financial institution or licensed financial holding company;
(l) initiate, defend and conduct in its name any action or proceeding to which the licensed financial institution or licensed financial holding company may be party.
(4) A receiver shall not take any deposits and shall make no loans except to extend funds for the protection of collateral assets where necessary.
(5) The receiver may, in its sole discretion, make partial or complete payment on proven claims at any time, and no liability shall attach to the receiver, by reason of any payment or for failure to pay dividends to a claimant whose claim is not proved at the time of any payment.