EN-8.1 EN-8.1 Legal source
EN-8.1.1
Article 93 of the BMA Decree — Law No. 23 of 1973 ("BMA Law") empowers (but does not oblige) the Agency to assume the administration of a licensee in certain circumstances, subject to the approval of the Minister of Finance. These circumstances are where:
(a) the licensee has become insolvent;(b) its liquidity or solvency are in jeopardy;(c) its continued activity is detrimental to the rights of depositors; or(d) it commits serious contraventions of the provisions of the BMA Law.EN-8.1.2
Article 94 of the BMA Law provides that where the Agency assumes the administration of a licensee, the licensee concerned may appeal to the Minister of Finance and, subsequently, the courts, in order to challenge its administration by the Agency.
EN-8.1.3
Articles 95 to 99 of the BMA Law set down the operating parameters of an administration.
