58. The Director of Bank Supervision shall be vested with the full and exclusive power of management and control of the affairs of any licensed commercial bank for the purpose of compulsory liquidation and shall have the power
| (a) to wind up its operations by the institution of liquidation proceedings in Court; |
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| (b) to stop or limit the payments of its obligations; |
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| (c) to execute any instrument in the same of the licensed commercial bank; and |
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| (d) to initiate, defend and conduct in its name any action or proceedings to which the licensed commercial bank may be a party. |
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Sri Lanka Consolidated Acts