| (1) | Despite any other law, none of the following steps may be taken in relation to a designated institution without the concurrence of the Reserve Bank: |
| (a) | Suspending, varying, amending or cancelling a licence issued to that designated institution; |
| (b) | adopting a special resolution to wind up the designated institution voluntarily; |
| (c) | applying to a court for an order that the designated institution be wound up; |
| (d) | appointing an administrator, statutory manager, trustee, liquidator, provisional liquidator or curator for or of the designated institution; |
| (e) | adopting a resolution to begin business rescue proceedings and place the designated institution under supervision; |
| (f) | applying to a court for an order in terms of section 131 of the Companies Act to place the designated institution under supervision and commencing business rescue proceedings; |
| (g) | adopting a business rescue plan for the designated institution; |
| (h) | any step corresponding to, or having the same or a similar effect to a step mentioned in paragraph (f) or (g); |
| (i) | entering into an agreement for amalgamation or merger as defined in section 1 of the Companies Act of the designated institution with a company; |
| (j) | the designated institution entering into a compromise arrangement referred to in section 155 of the Companies Act with creditors of the designated institution; and |
| (k) | any action by a financial sector regulator to reduce the value of an outstanding claim against the designated institution or to convert an instrument issued by the designated institution to another instrument, whether such action is taken in terms of a financial sector law or agreement. |
| (2) | A step referred to in subsection (1) that is taken without the Reserve Bank’s concurrence is void. |
[Section 166D inserted by section 51 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)(ii) of Commencement Notice No. 3202, GG48294, dated 24 March 2023]
