(1) Once the proceeds for the sale of assets of a licensed financial institution or licensed financial holding company have been distributed, the receiver shall provide a report to the Central Bank that includes a statement of income and expense and sources and uses of funds during the period of receivership.
(2) Upon approval by the Central Bank of the report, the receivership shall be terminated and the Central Bank shall notify the Registrar of Companies which shall proceed to terminate the legal existence of the licensed financial institution or licensed financial holding company as a company and the Central Bank and the receiver shall be relieved of any further responsibility in connection with the receivership of the licensed financial institution or licensed financial holding company.
(3) A receivership shall be terminated within 5 years of its initiation or as soon as is practicable.