Asset Covered Securities Act, 2001
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Authority may confer additional responsibilities on cover-assets monitor. |
68.—(1) This section applies to the following credit institutions— | |
(a) a designated credit institution that has become subject to an insolvency process; | ||
(b) a formerly designated credit institution; | ||
(c) a designated credit institution in respect of which a direction under section 20 is in force; | ||
(d) a designated credit institution in respect of which a manager has been appointed under Part 6 or Schedule 1. | ||
(2) The Authority may, by notice in writing given to the cover-assets monitor appointed in respect of a credit institution to which this section applies, confer on that monitor such additional responsibilities as it considers appropriate for the effective management of the affairs of the institution. | ||
(3) If a liquidator, examiner, receiver or manager is appointed in respect of a credit institution to which this section applies, the cover-assets monitor appointed in respect of the institution may enter into arrangements with respect to the management of the institution on such matters as may be specified in the notice referred to in subsection (2). Those arrangements— | ||
(a) must include arrangements relating to the payment of the remuneration of, and the costs incurred by, the monitor, and | ||
(b) are to be subject to such conditions (if any) as are specified in that notice or as the Authority may subsequently notify to the monitor in writing. |