Section 78: Powers of receiver

78. Powers of receiver (1) After entering into possession of a financial institution, the receiver may— (a) manage and control the financial institution; (b) discontinue its operations; (c) stop or limit the payment of its obligations; (d) employ any necessary staff; (e) execute any instrument in the name of the financial institution; (f) initiate, defend and conduct in its name any action or proceedings to which the financial institution may be a party; and (g) — (h) liquidate or take such other measures as it thinks fit under this section. (2) The receiver shall succeed to all rights, titles, powers and privileges of the financial institution, of any shareholder, account holder, depositor, officer, or director of the financial institution with respect to it and its assets. (3) The receiver may, with the approval of the Board under section 79— (a) merge or consolidate a financial institution with any other financial institution; (b) transfer any asset or liability of the financial institution; or (c) without the approval or consent of the financial institution, offer the assets or shares of a financial institution for sale to the central bank or as security for loans from the central bank. (S. 78 came into operation on 1 June 2007.) [S. 78 amended by s. 3 (p) of Act 18 of 2016 w.e.f. 7 September 2016.]