Section 73: Distribution of assets

73. Distribution of assets (1) Where, in the opinion of the central bank, the financial institution has discharged all of its obligations, its licence shall be revoked and the remainder of its assets shall be distributed among its shareholders in proportion to their respective rights. (2) No distribution shall be made before— (a) all claims of depositors and other creditors have been paid or, in the case of a disputed claim, before a financial institution has turned over to the central bank, or to any other person proposed by the liquidating financial institution and approved by the central bank, sufficient funds to meet any liability that may be judicially determined; (b) any funds payable to a depositor or other creditor who has not claimed them have been turned over to the central bank or to any other person proposed by the liquidating financial institution and approved by the central bank; (c) any other funds and property held by the financial institution that could not be returned to the rightful owners in accordance with section 72 have been transferred to the central bank, or to any other person proposed by the liquidating financial institution and approved by the central bank, together with the relevant inventories. B3 – 53 [Issue 1] Banking Act (3) Any funds or property not claimed within a period of 10 years following their transfer shall be presumed to be abandoned funds or property and shall be dealt with as determined by the Board. (S. 73 came into operation on 1 June 2007.)