| (1) | Despite any other provision of this Act, the Companies Act or the Insolvency Act— |
| (a) | the Reserve Bank may apply to a competent court in terms of the Companies Act for the winding-up of a designated institution on the grounds that the institution has been placed in resolution and there are no reasonable prospects that the institution will cease to be in resolution; and |
| (b) | no person other than a person recommended by the Reserve Bank may be appointed as provisional liquidator or liquidator of a designated institution. |
| (2) | The Reserve Bank may appoint a person who, in the opinion of the Reserve Bank, has suitable experience and expertise to advise the provisional liquidator or liquidator of a designated institution, whether or not the designated institution was in resolution upon the appointment of the liquidator or provisional liquidator. |
| (3) | The provisional liquidator or liquidator must consult the person or persons appointed in terms of subsection (2), and must have regard to his or her advice in performing his or her functions as provisional liquidator or liquidator. |
| (4) | Despite any other law, the suspension, cancellation or termination of a licence of a designated institution, while it is being wound up on an application by the Reserve Bank, does not affect— |
| (a) | any order or appointment made, direction issued or any other thing done in terms of this section or the Insolvency Act in respect of such designated institution; or |
| (b) | any power to be exercised, duty to be executed or right to be enforced in respect of such designated institution by the Reserve Bank, the Master of the High Court or the provisional liquidator or liquidator in terms of this section or the Insolvency Act. |
| (5) | The suspension or revocation of a licence of a designated institution under a financial sector law, whether or not the designated institution is in resolution or is being wound up, does not affect— |
| (a) | the obligations and liabilities the designated institution has in connection with the licence; or |
| (b) | the powers of the Reserve Bank or a financial sector regulator under a financial sector law in relation to the designated institution. |
| (6) | Notwithstanding anything to the contrary contained in any law, a liquidator or a trustee in liquidation may not cancel or set aside a disposition made, or a transaction or an action taken, by the Reserve Bank in exercising its resolution functions in terms of this Act. |
[Section 166H 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]
