Section 30C
Disbursement of funds
(1)
The provisions of this section apply, and apply only, where the
Minister has assumed control of the business of a finance company under section 30.
(2)
The Minister may, from the assets of the finance company, discharge in whole or part deposit liabilities which the Minister is satisfied are owned by the finance company and including sums owed to the Minister under subsection (4).
Finance Companies
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(3)
In discharging deposit liabilities under subsection (2), the
Minister shall have regard to the available assets of the finance company at any time and the amount of deposit liabilities (whether then due or not) in the following categories and shall not discharge any deposit liability in the second and third categories unless satisfied that there are assets of the finance company available to enable the deposit liabilities set out in the category or categories preceding -
(a)
deposit liabilities incurred by the finance company with non-finance company customers where the deposit liabilities are required by the Minister to be included in the computation of the reserve and liquidity requirements under sections 13A and 25;
(b)
deposit liabilities incurred by the finance company with other finance company where the deposit liabilities are required by the Minister to be included in the computation of the reserve and liquidity requirements under sections 13A and 25;
(c)
deposit liabilities incurred by the finance company with non-finance company customers where the deposit liabilities are not required by the Minister to be included in the computation of the reserve and liquidity requirements under sections 13A and 25.
(4)
The Minister may discharge deposit liabilities of the finance company from the assets of the finance company in which case the Minister shall be subrogated to the rights of each such depositor to the intent that each sum so paid by the Minister shall rank as a debt of the finance company to the Minister ranking with the same priority as the deposit liability which it has discharged.
(5)
Without the prior approval of the Minister and subject to such conditions (if any) as the Minister may specify, neither the receiver of all or any of the property of the finance company nor a liquidator of the finance company, whether (in either case) appointed before or afier the Minister assumed control of the finance company, shall exercise any powers or rights which would be exercisable but for the provisions of this subsection.
(6)
Where -
(a)
the Minister has not given approval under subsection (5) to the exercise of powers or rights which would otherwise be available to receiver or liquidator; or
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Finance Companies
(b)
has given such approval but subject to conditions.
the receiver or liquidator shall not be liable to any person for any failure to discharge his obligations in that capacity which derives from the absence of such approval or any condition attached to such approval.
(7)
The powers of the Minister under this section may be exercised by the Minister notwithstanding the provisions of any other written law.