(1) A Participating Government may establish a bridge financial institution for the purpose of acquiring and managing the assets and liabilities of a licensed financial institution that is subject to official administration or receivership under Part 9 or Part 10 for a period of up to 12 months or any further period pursuant to subsection (2).
(2) The Central Bank may extend the operation of the bridge financial institution under subsection (1) for up to 2 consecutive periods of 12 months each and upon the expiration of the latter period the bridge financial institution shall be placed into receivership and liquidated.
(3) The Central Bank may initiate receivership at an earlier time, in accordance with Part 10.
(4) A bridge financial institution established under subsection (1) shall be licensed under this Act and shall be subject to all of the provisions of this Act, except the capital requirements of sections 44 and 46 for a period of 12 months.
(5) A Participating Government may establish an asset management company for the purpose of acquiring, managing, and disposing of problem assets of a financial institution pursuant to Part 9 or Part 10.