Section 51
Obligatory payment
(1)
The
Corporation shall, in the manner described in subsection (2), make payment in respect of any deposit protected with the
Corporation where a winding up order has been made in respect of —
(a)
a member institution that holds the deposit; or
(b)
any person to whom that deposit has been transferred —
Deposit Protection
B.L.R.O. 7/2023 39
(i)
under section 33(1)(c) from a member institution which has surrendered its licence; or
(ii)
under section 46(1) from a member institution which has amalgamated with such person.
(2)
Where the Corporation is obliged to make payment under subsection (1) in respect of any deposit, the Corporation shall as soon as practicable and in any case not later than 3 months from the date of the winding up order make payment to such person based on the record of a member institution as in the opinion of the Corporation appears to be entitled to it in such manner deemed appropriate by the Corporation.