Cap. 370 Art. 15APower of the competent authority to protect the public interest.

(1) Without prejudice to the powers conferred to the competent authority under this Act, the competent authority may, where it is satisfied that sufficient circumstances exist, proceed to take any one or more of the following measures:

(a) appoint a person to advise the licence holder in the proper conduct of its business;

(b) appoint a person to take charge of the assets of the licence holder, or any portion of them, for the purposes of safeguarding the interests of investors, consumers, creditors or, if any, shareholders, of the licence holder;

(c) appoint a person to assume control of the business of the licence holder, either to carry on that business or to carry out such other function or functions in respect of such business, or part thereof, including to take the necessary action for the licence holder to be dissolved and wound up, as the competent authority may direct;

(d) fix the remuneration to be paid by the licence holder to any person appointed under article 15 or under this article;

(e) do such other act as it may deem appropriate in the circumstances to give better effect to the implementation of the provisions of this article, and having adopted any one or more of the measures aforesaid, the competent authority may further proceed in any one or more such measures, whether in addition thereto or in substitution therefor.

(2) Where a person is appointed by the competent authority -

(a) under sub-article (1)(a), it shall be the duty of the licence holder to act in accordance with the advice given by such person unless and until the competent authority, on representation made to it, directs otherwise;

(b) under sub-article (1)(b), the licence holder shall deliver to such person all the assets, whether movable or immovable, of which he is placed in charge, and all the powers, functions and duties of the licence holder in respect of those assets, including, if such licence holder is a legal person, those exercisable by the legal person in a general meeting, or by the directors, or by any other person, including the legal and judicial representation of such legal person, shall be exercisable by and vest in the person appointed under the said paragraph to the exclusion of any other person;

(c) under sub-article (1)(c), the licence holder shall submit its business to the control of such person and shall provide such person with such facilities as may be required to carry on that business or to carry out the functions assigned to such person under the said paragraph; and all the powers, functions and duties of the licence holder, including, if such licence holder is a legal person, those exercisable by the legal person in a general meeting, or by the directors, or by any other person, including for the purpose of the dissolution and winding up of the licence holder as well as the legal and judicial representation of such legal person in all matters, shall be exercisable by and vest in such person to the exclusion of any other person: Provided that the competent person shall not take any decision for the purpose of the dissolution and winding up of the licence holder unless the competent authority issues a directive to that effect in terms of article 15, and any such directive may contain such instructions, requirements and conditions as the competent authority may consider necessary, including with regard to the mode of winding up.

(2A) Without prejudice to the powers of the competent authority in terms of sub-article (1), the competent authority may also make an application to the court for the dissolution and winding up by the court of a licence holder where it appears to the competent authority that a licence holder should be dissolved and wound up by the court for the reason set out in article 214(2)(b)(iii) of the Companies Act, and where the court accedes to the application the relevant provisions of the Companies Act in relation to the dissolution and winding up by the court and any other applicable provisions of any other law shall apply.

(3) The competent authority may, where it feels it is in the best interest of the public so to do, make or issue public statements or notices giving warnings or information about any measure taken in terms of this article.

(4) The competent authority may require the licence holder concerned to pay all the expenses of, and incidental to, the publication or issue of public statements or notices pursuant to this article, or such part thereof as it may deem appropriate; and any sum so due shall be recoverable by the competent authority in the same manner as an administrative penalty imposed under this Act.

(5) Any measure adopted in terms of sub-article (1) shall remain in force notwithstanding that a licence holder ceases to hold a licence for whatever reason, unless the competent authority otherwise directs.