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Amendment of section 72 of Principal Act.
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49.— Section 72 of the Principal Act is amended by inserting the following after subsection (5):
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“(6) The Authority may, by notice in writing given to a manager appointed in respect of a designated credit institution, confer on that manager such additional responsibilities or powers as it considers appropriate for the effective management of the asset covered securities business activities of the institution.
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(7) If a liquidator, examiner or receiver is appointed in respect of a designated credit institution to which a manager has been appointed, the manager may enter into arrangements with respect to the management of the institution, including such matters as may be specified in the notice referred to in subsection (6). Those arrangements—
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(a) must include arrangements relating to the payment of the remuneration of, and the costs incurred by, the manager, and
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(b) are subject to such conditions (if any) as are specified in that notice or as the Authority may notify to the manager in writing.
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(8) Without limiting subsection (6), where a designated credit institution in respect of which a manager has been appointed has property or assets located for the purposes of this Act outside the State and those assets or property are relevant to the manager’s functions under this Act, the manager may, with the prior consent in writing of the Authority, appoint agents with such powers of the manager and on such terms as the manager considers is required to enable the manager to carry out the manager’s functions under this Act and the claims of any such agent shall be deemed to be claims of the manager for the purposes of this Act.”.
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