(1) A receiver or a liquidator shall be vested with full and exclusive power, management and control in Saint Lucia of the licensee for which it is appointed, including the power—
(a) to continue or discontinue the licensee's operations;
(b) to stop or limit the payment of the licensee's obligations;
(c) to employ any necessary staff for the licensee and to terminate their employment;
(d) to execute any instrument in the name of the licensee;
(e) to initiate, defend and conduct in its name any action or proceedings to which the licensee may be party;
(f) advise the Minister to restore the licensee to its directors and shareholders; and
(g) to reorganise or liquidate the licensee in accordance with the provisions of this Act.
(2) The receiver or the liquidator shall report to the Minister from time to time on progress of the receivership or liquidation.