investments; or require the suspension or removal from office of any director, officer or other person; or appoint a person, who in his opinion has had proper training and experience, to advise the institution on measures to be taken to rectify its situation, and shall fix his remuneration which shall be paid by the licensed institutions. Publication of information The Commissioner may publish or require publication in whole or in part, in such form and at such time as he may determine, any information or data furnished or collected under this Act: Provided that no information or data shall be published which might disclose the particular affairs of a particular customer of a licensed institution unless the consent of that customer has been obtained in writing prior to such publication. PART IX WINDING UP AND SEIZURE Exceptions to Companies Act 56. (1) Subject to the provisions of this section, the provisions of the Companies Act, 1967, relating to the winding up and judicial management of companies (Part IV), the winding up of unregistered associations (Part V), or the winding up of external companies (Part VI) shall be applicable to licensed institutions winch are companies, unregistered associations or external companies, respectively, within the meaning of the Companies Act: Provided that— for the purposes of this section and notwithstanding section 278 of the Companies Act, an unregistered association shall be subject to the provisions of Part V of the Companies Act regardless of the number of its members; notwithstanding sections 279 and 292 (2) of the Companies Act, sections 264 to 271 inclusive, of the Companies Act shall be applicable mutatis mutandis to licensed institutions which are unregistered associations or external companies; the powers and functions assigned to the Master under the Companies Act shall be exercised by the Commissioner or a person approved by the Commissioner; and the provisions of the Companies Act specially applicable to a creditor’s voluntary winding up (sections 218 to 221, inclusive) shall not apply to licensed institutions. There shall be no winding up, whether voluntary or by the court, or judicial management of a licensed institution without the prior consent in writing of the Commissioner:
investments; or require the suspension or removal from office of any director, officer or other person; or appoint a person, who in his opinion has had proper training and experience, to advise the institution on measures to be taken to rectify its situation, and shall fix his remuneration which shall be paid by the licensed institutions. Publication of information The Commissioner may publish or require publication in whole or in part, in such form and at such time as he may determine, any information or data furnished or collected under this Act: Provided that no information or data shall be published which might disclose the particular affairs of a particular customer of a licensed institution unless the consent of that customer has been obtained in writing prior to such publication. PART IX WINDING UP AND SEIZURE Exceptions to Companies Act 56. (1) Subject to the provisions of this section, the provisions of the Companies Act, 1967, relating to the winding up and judicial management of companies (Part IV), the winding up of unregistered associations (Part V), or the winding up of external companies (Part VI) shall be applicable to licensed institutions winch are companies, unregistered associations or external companies, respectively, within the meaning of the Companies Act: Provided that— for the purposes of this section and notwithstanding section 278 of the Companies Act, an unregistered association shall be subject to the provisions of Part V of the Companies Act regardless of the number of its members; notwithstanding sections 279 and 292 (2) of the Companies Act, sections 264 to 271 inclusive, of the Companies Act shall be applicable mutatis mutandis to licensed institutions which are unregistered associations or external companies; the powers and functions assigned to the Master under the Companies Act shall be exercised by the Commissioner or a person approved by the Commissioner; and the provisions of the Companies Act specially applicable to a creditor’s voluntary winding up (sections 218 to 221, inclusive) shall not apply to licensed institutions. There shall be no winding up, whether voluntary or by the court, or judicial management of a licensed institution without the prior consent in writing of the Commissioner: