The investigator appointed to conduct an investigation in relation to a designated institution in resolution must conduct the investigation in accordance with this Chapter and, within the period specified by the Reserve Bank in the appointment, report to the Reserve Bank whether, in the investigator’s opinion—
| (ii) | remain in resolution for a specified period or until a specified event occurs; or |
| (iii) | cease to be in resolution; |
| (b) | any business of the designated institution was, before it was placed in resolution, carried on negligently, recklessly or fraudulently; and |
| (c) | proceedings, including criminal proceedings, should be instituted against any person in connection with the conduct of the business of the designated institution before it was placed in resolution. |
[Section 135A inserted by section 50 and 61(h) of the Financial Sector Laws Amendment Act, 2021 (Act No. 23 of 2021), Notice No. 789, GG45825, dated 28 January 2022- effective 1 June 2023 per (b)(i) of Commencement Notice No. 3202, GG48294, dated 24 March 2023]
