Section 70: Procedures to go into voluntary liquidation

70. Procedures to go into voluntary liquidation (1) Notwithstanding any other enactment, any financial institution which proposes to go into voluntary liquidation shall obtain the authorisation of the Board. (2) The Board may, where— (a) the financial institution is solvent and has sufficient liquid assets to repay its depositors and other creditors without delay; and (b) the proposed liquidation has been approved by shareholders representing three quarters of the voting rights at a meeting called expressly for this purpose, authorise the financial institution to go into liquidation. (3) Where the financial institution has received the authorisation of the Board under subsection (2), it shall— (a) immediately cease to do business, retaining only the powers to do the necessary business for the purpose of effecting an orderly liquidation; (b) repay its depositors and other creditors; (c) wind up all operations undertaken prior to the receipt of the authorisation. (4) The procedures for voluntary liquidation shall be in accordance with the relevant sections and Parts of the Insolvency Act and those sections and Parts shall apply to the extent that they are consistent with the provisions of this Part. (S. 70 came into operation on 1 June 2007.) [S. 70 amended by s. 2 (h) of Act 15 of 2006 w.e.f. 7 August 2006; s. 3 (k) of Act 10 of 2010 w.e.f. 24 December 2010.] [Issue 3] B3 – 52 Revised Laws of Mauritius