Chapter IV

General Provisions Relating to Winding Up

48. —(1) Notwithstanding section 215 of the Companies Act, 1963 , the Bank may, by presenting a petition, apply to the Court to have the holder of a licence wound up on any of the following grounds:

(a) that the holder is or, in the opinion of the Bank, may be unable to meet its obligations to its creditors;

(b) that the holder has failed to comply with a direction of the Bank under section 21 of the Act of 1971 and the Court has not set aside the direction;

(c) that the licence has been revoked and the holder has ceased to carry on the business of banking;

(d) that the Bank considers that it is in the interest of persons having deposits (including deposits on current accounts) with the holder that the holder be wound up.

(2) Where a petition for the winding up of the holder of a licence is presented by a person other than the Bank, a copy of the petition shall be served on the Bank which shall be entitled to be heard on the petition.

(3) Where the holder of a licence is being wound up voluntarily and the Bank has reason to believe that any of the grounds set out in subsection (1) apply, then the Bank may apply to the Court to have the licence holder wound up by the Court.

49. —Where the holder of a licence or former holder of a licence is being wound up and the Bank is not a creditor, any notice or document, by whatever name called, which is required to be sent to a creditor of the holder or former holder shall be sent also to the Bank.

50. —(1) An officer of the Bank, or any other person, duly authorised in writing in that behalf by the Governor of the Bank may attend any meeting of creditors of a holder or former holder of a licence.

(2) (a) The Governor of the Bank may appoint in writing an officer of the Bank or any other person to be a member of any committee of inspection appointed under section 233 or 268 of the Companies Act, 1963 , in respect of the holder or former holder of a licence.

(b) A person duly appointed under paragraph (a) shall neither be counted in computing the minimum or maximum numbers of members of such a committee prescribed under the Companies Acts, 1963 to 1986, nor be removed from membership of the committee without the consent of the Bank.

51. —Where the context so admits and the circumstances may so require, references in the Central Bank Acts, 1942 to 1989, to the winding up of a holder or former holder of a licence or to any provision of the Companies Acts, 1963 to 1986, which relates to winding up shall, where a holder or former holder of a licence is a company incorporated outside the State or is an institution to which section 9(1A) (as amended by this Part) of the Act of 1971 relates, be construed as references to the corresponding provisions in the law of the foreign jurisdiction concerned and, accordingly, the provisions of the Central Bank Acts, 1942 to 1989, shall apply to the winding up or dissolution concerned and, where necessary, with such modifications as the Court may order.

52. —The rules of court relating to the winding up of companies shall, pending the making of rules of court for the purposes of this Part, apply for such purposes with such adaptations as may be necessary.