s 55 Action by the Minister
Notwithstanding section 54, the Minister may, on the recommendation of the Bank, prescribe— (a) for the Bank to assume control of all or part of the property, business and affairs of the prescribed institution, and carry on all or part of its business and affairs, or for the Bank to appoint any person to do so on behalf of the Bank, and for the costs and expenses of the Bank, or the remuneration of the person so appointed, to be payable out of the funds and properties of the prescribed institution as a first charge on it; (b) whether or not an order has been made under paragraph (a), authorize an application to be made by the Bank to the High Court to appoint a receiver or manager to manage all or part of the business, affairs and property of the prescribed institution, and for all such incidental, ancillary or consequential orders or directions of the High Court in relation to such appointment as may, in the opinion of the Bank, be necessary or expedient; or (c) whether or not an order has been made under paragraph (a) or (b), authorize the Bank to present a petition to the High Court for the winding up of the prescribed institution.