(1) The receiver may transfer any asset or liability of the licensed financial institution or licensed financial holding company without obtaining any approval, assignment, or consent with respect to the transfer or assumption.
(2) The receiver may, upon the prior written approval of the Central Bank and according to its directions, pursue the following activities —
(a) dispose of part or all of a licensed financial institution's or licensed financial holding company's assets and liabilities through a purchase and assumption transaction with an acquiring licensed financial institution or licensed financial holding company; or
(b) transfer part or all of a licensed financial institution's or licensed financial holding company's assets and liabilities to a bridge financial institution by one or more Participating Governments.
(3) The arrangements for a transfer of assets and liabilities shall provide for the removal of any director, secretary, officer or employee responsible for the circumstances which led to the appointment of a receiver for the licensed financial institution or licensed financial holding company.