Deposit Protection Act · s 52

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52.
Discretionary payment
The Corporation may, with the prior written approval of the Minister, make payment in respect of any protected deposit where —
(a) the member institution that holds the deposit or any person to whom that deposit has been transferred under section 33(1)(c)
from a member institution which has surrendered its licence or under section 46(1) from a member institution amalgamating with such person, is unable to make any payment in respect of the deposit, by reason of —
(i) an order of a court;
(ii) any action taken by the Authority or the Corporation;
or
(iii) any action taken by the receiver, manager or receiver and manager during the period when a member institution is in receivership;
(b) a petition for winding up has been presented to the court against the member institution that holds the deposit or any person to whom that deposit has been transferred under section 33(1)(c) from a member institution which has surrendered its licence or under section 46(1) from a member institution amalgamating with such person; and
(c) the membership of the member institution that holds the deposit is cancelled or terminated.

Deposit Protection 40

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s 52Discretionary payment

The Corporation may, with the prior written approval of the Minister, make payment in respect of any protected deposit where —

(a)

the member institution that holds the deposit or any person to whom that deposit has been transferred under section 33(1)(c)

from a member institution which has surrendered its licence or under section 46(1) from a member institution amalgamating with such person, is unable to make any payment in respect of the deposit, by reason of —

(i)

an order of a court;

(ii)

any action taken by the Authority or the Corporation;

(iii)

any action taken by the receiver, manager or receiver and manager during the period when a member institution is in receivership;

(b)

a petition for winding up has been presented to the court against the member institution that holds the deposit or any person to whom that deposit has been transferred under section 33(1)(c) from a member institution which has surrendered its licence or under section 46(1) from a member institution amalgamating with such person; and

(c)

the membership of the member institution that holds the deposit is cancelled or terminated.

Deposit Protection 40