s 53 Power to reduce share capital and to cancel shares of the Bank when subject to an order under paragraph 49(2)(a)
(1) Notwithstanding anything in any written law or the constituent documents of the Bank, where the Minister, or an appointed person, has, under paragraph 49(2)(a), assumed control of the Bank and the paid-up capital of the Bank is lost or unrepresented by available assets, the Minister or the appointed person, as the case may be, may apply to the High Court for an order to reduce the share capital of the Bank by cancelling any portion of its paidup capital which is lost or unrepresented by available assets. (2) Where the High Court makes an order under subsection (1) to reduce the share capital of the Bank, the Court may— (a) on an application by the Minister, or the appointed person, as the case may be; and (b) if, on the expiry of thirty days from the date of any call made by the Bank on its members to pay on their respective shares, payment on any shares has not been made, also order that such shares for which payment has not been made be cancelled accordingly. (3) Where the share capital of the Bank is reduced pursuant to subsection (1), or any of its shares is cancelled pursuant to subsection (2), the Minister, or the appointed person, as the case may be, may cause the constituent documents to be altered accordingly. (4) The powers conferred on the Minister and the appointed person under subsections (1), (2) and (3) shall be in addition to any powers exercisable under subsection 64(1) of the Companies Act 1965, and where an application is made to the High Court under subsection (1)— (a) the High Court may exercise any of the powers conferred on it under section 64 of the Companies Act 1965 in relation to an application for confirmation referred to therein; and (b) subsections 64(9) and 64(10) of the Companies Act 1965 shall apply in relation thereto.