s 37
(1) Without prejudice to section 33, if the Bank is satisfied, upon being intormed by an operator of a designated payment system under section 36 or after an examination under section 34 or otherwise, that an operator of a designated payment system— (a) is insolvent or is likely to become insolvent; (b) has become or is likely to become unable to meet all or any of his obligations; or (c) has suspended payments or compounded with his creditors, the Bank may issue a directive in writing, exercising any one or more of the following powers, as it deems necessary— (aa) remove from office, with effect from such date as may be specified in the directive, any director or chief executive officer of the operator of the designated payment system; (bb) appoint any person as a director or chief executive officer of the operator of the designated payment system and provide in the directive for the person so appointed to be paid by the operator of the designated payment system such remuneration as may be set out in the directive; or (cc) appoint a person to advise the operator of a designated payment system in relation to the proper conduct of its business, and provide in the directive for the person so appointed to be paid by the operator of the designated payment system such remuneration as may be set out in the directive. (2) This section shall apply notwithstanding anything contained in any written law, or any limitations contained in the constituent documents of the operator of a designated payment system. Assumption of assets