Section 75: Board to appoint a receiver

75. Board to appoint a receiver The Board shall, notwithstanding any other enactment, appoint any person as receiver to take possession of a financial institution where— (a) the capital of the financial institution is impaired or its condition is otherwise unsound; (b) the ratio of its capital to total assets is less than 2 per cent; (c) the business of the financial institution is being conducted in an unlawful, unsafe or unsound manner; (d) the continuation of the activities of the financial institution is detrimental to the interests of its depositors; (e) the licence of the financial institution has been revoked. (S. 75 came into operation on 1 June 2007.)