Cap. 618 Art. 4Functions and powers of the Fund.

(1) Without prejudice to any other power or function conferred to it by this Act or any other law, it shall be the function of the Fund to take such measures as provided for by this Act as it may consider appropriate or necessary for the purpose of attaining the purposes and objects of this Act.

(2) Following the release of the transferred deposit liabilities and the settlement of other disbursements in accordance with the provisions of this Act and any regulations issued thereunder, the Fund shall use the remaining balances in the public interest for the inter alia advancement of education, research, innovation, social purposes, justice and the rule of law, employment initiatives, the environment and public health.

(3) Without prejudice to the functions and powers of the Fund under this or any other Act, and any regulations issued thereunder, the Fund shall have the following powers and functions:

(a) without prejudice to any confidentiality obligation arising from any other law, to require any information, data and, or documentation from any person as it may deem necessary for the exercise of its powers and functions, or in connection therewith:

Provided that the right of the Fund to obtain information, data and documentation from any person shall not be restricted, obstructed or precluded by any confidentiality obligation or other restrictive condition arising from the contractual relationship between such person and any third party;

(b) to determine whether transferred deposit liabilities should be released in accordance with the provisions of this Act and any regulations issued thereunder and, where it determines that such transferred deposit liabilities should be released, make the necessary arrangements therefor;

(c) to manage and dispose of the property of the Fund in accordance with the provisions of this Act and any regulations issued hereunder;

(d) to effect the closure and orderly winding-up of a deposit liability portfolio;

(e) to liaise, as it may deem necessary, with any local body or authority in relation to any deposit liability transfer, subject to the provisions of this Act and any regulations issued thereunder;

(f) to override rights of shareholders and, or the officers of the transferring institution, including the requirement for approval by shareholders and, or the board of directors (or other similar governing body) of particular transactions in order to permit a disposal of the transferring institution’s deposit liabilities and deposit assets; and

(g) to exercise such powers as may be assigned to it under this Act or any regulations issued thereunder.

(4) The Minister may, in consultation with the Authority, make regulations as shall be deemed appropriate:

(a) to assign functions and powers to the Fund; and

(b) to better implement the provisions of this article and this Act.