Section 110B: Transfer of undertaking

110B. Transfer of undertaking (1) A special administrator shall, after consultation with the Commission, transfer, in whole or in part, the undertaking of an insurer and any of its related companies to such insurer and any of its related companies as the Minister may approve. (2) Notwithstanding any other enactment or any other provision of this Act, a transfer of undertaking under subsection (1) shall not be subject to the consent of any policyholder, shareholder, creditor or any other stakeholder of an insurer and of any of its related companies. (3) Notwithstanding any other enactment, no winding up proceedings shall be instituted against the insurer and any of its related companies before the transfer of undertaking pursuant to subsection (1). [S. 110B inserted by s. 5 of Act 6 of 2015 w.e.f. 29 April 2015.] PART XII – TERMINATION OF LICENCE