Banking Act 1970 · 2020 Revised Edition · Part 7 · Powers of Control Over Banks, Etc.
51. Duration of control
Feedback & supportThe Authority must cease to be in control of the relevant business of a bank when the Authority is satisfied that the reasons for its assumption of control of the relevant business have ceased to exist or that it is no longer necessary for the protection of the depositors of the bank.
A statutory manager is deemed to have assumed control of the relevant business of a bank on the date of the statutory manager’s appointment.
statutory manager
“statutory manager” means a statutory manager appointed under section 49.
The appointment of a statutory manager in relation to the relevant business of a bank may be revoked by the Authority at any time —
relevant business
“relevant business” means any business of a bank —(a)which the Authority has assumed control of under section 49; or(b)in relation to which a statutory adviser or a statutory manager has been appointed under section 49;
if the Authority is satisfied that the reasons for the appointment have ceased to exist or that it is no longer necessary for the protection of the depositors of the bank; or
on any other ground,and upon such revocation, the statutory manager ceases to be in control of the relevant business of the bank.
The Authority must publish in the Gazette the date, and such other particulars as it thinks fit, of —
its assumption of control of the relevant business of a bank;
the cessation of its control of the relevant business of a bank;
the appointment of a statutory manager in relation to the relevant business of a bank; and
the revocation of a statutory manager’s appointment in relation to the relevant business of a bank.