(1) The court may order the National Bank to recommend the appointment of a liquidator to initiate proceedings leading to compulsory liquidation of a bank or financial institution. (2) Upon the order of the court in accordance with sub-section (1), the National Bank shall within fifteen days recommend at least three persons for the appointment of liquidators. (3) According to sub-section (2), when recommending a liquidator before the court, the National Bank shall recommend a person who has experience in banking and financial sector from among the persons licensed to act as a private business person in accordance with the prevailing law. (4) The three recommended under sub-section (2) Any one of the persons may be appointed by the court as liquidator. (5) After the appointment of the liquidator in accordance with sub-section (4), the board of directors of such bank or financial institution shall be deemed to be automatically dissolved and all the officers and employees appointed by such bank or financial institution shall be dissolved unless otherwise ordered by the liquidator. The service will be terminated automatically. (6) If the liquidator appointed in accordance with sub-section (4) resigns, if he dies or if Rastra Bank finds that he is unable to perform the assigned duties, the Rastra Bank shall file an application before the court in accordance with this section to remove him and appoint another liquidator. (7) The remuneration and service facilities of the liquidator shall be as determined by the court on the recommendation of the National Bank.