Bank And Financial Institution Act, 2073 (2017)
Section 85
Power To Terminate Transactions
(1) A Liquidator may terminate the following transactions of a bank or financial institution within six month of the date of order issued by the court for mandatory liquidation of the bank or financial institution:-
a. Any contract concluded by the bank or financial institution concerning employment,
b. Any contract concluded for any services in which the bank or financial institution is a party,
c. All functions and contracts being carried out by the bank or financial institution in its capacity as a trustee,
d. Any regular function or business of the bank or financial institution or branches of the bank or financial institution according to the need and circumstances,
e. Any liabilities said to be borne by the bank or financial institution without any limit,
f. Other functions or proceedings as specified by the Rastra Bank.
(2) For the transactions terminated pursuant to Sub-Section (1), no any type of additional amount and compensation may be claimed other than the due amount to be paid or liability to be borne by the bank or financial institution till the date of the termination of the transaction.
Bank And Financial Institution Act, 2073 (2017)
Chapter - 4
Section 14: Constitution Of Board Of DirectorsSection 17: Qualifications Of Independent DirectorSection 18: Disqualification Of DirectorsSection 19: Ineligibility To Remain In Office Of DirectorSection 20: Provision Regarding A Person Holding Constitutional PositionSection 21: Meetings Of Board Of DirectorsSection 22: Functions, Duties And Powers Of Board Of DirectorsSection 24: Details Of Directors To Be CollectedSection 25: Information Of Director And RecordSection 28: Allowances And Facilities Of DirectorSection 29: Appointment Of Chief Executive And Terms And Conditions Of ServiceSection 30: Functions, Duties And Powers Of Chief ExecutiveSection 15: Term Of Office Of The DirectorsSection 16: Qualifications Of DirectorSection 23: Responsibility And Accountability Of DirectorSection 26: Power To Constitute Sub-committeesSection 27: Delegation Of Power
Chapter - 12
Section 82: Functions, Duties And Powers Of LiquidatorSection 83: Effects Of Order Relating To LiquidationSection 84: Records Of Assets And LiabilitiesSection 87: Power Of Liquidator To Accept Or Reject ClaimsSection 89: Meeting Of CreditorsSection 91: Advance Payment May Be Made To Depositors ImmediatelySection 92: Power To Sell AssetsSection 93: Notice Of Settlement Of ClaimsSection 98: No Claim To Be EntertainedSection 78: Application May Be Filed Before The Court For Mandatory Liquidation Of Banks Or Financial InstitutionsSection 79: Circumstances Leading To Mandatory Liquidation Of Bank Or Financial InstitutionsSection 80: Transaction To Be SuspendedSection 81: Appointment Of LiquidatorSection 85: Power To Terminate TransactionsSection 86: Notice To Submit ClaimsSection 88: Classification Of ClaimsSection 90: Liquidation PlanSection 94: Order Of Priority For PaymentSection 95: Unclaimed Goods Or AmountSection 96: Decision Of LiquidationSection 97: Mandatory Liquidation Of Bank Or Financial Institution Carrying On Transactions In More Than One Country
Chapter - 14
Section 107: Special Provisions Relating To Infrastructure Development BankSection 108: Security Of Deposits To Be MadeSection 111: Right To Make Claims Over The DepositsSection 115: Prohibition On Making ClaimsSection 118: Provisions Relating To Protection Of Customers’ InterestsSection 119: Exemption And FacilitiesSection 125: Actions Taken Not To Be InvalidSection 128: Amendment Of Memorandum Of Association And Articles Of AssociationSection 133: Power To Frame Byelaws And Working ProceduresSection 109: Banking Secrecy To Be MaintainedSection 110: Power To Give Directive To Freeze AccountsSection 112: Statement Of Unclaimed DepositsSection 113: Recovery From Or Confiscation Of DepositsSection 114: Recovery From DirectorSection 116: Government Of Nepal To Be A PlaintiffSection 117: Provisions Relating To TransparencySection 120: Expenditures ManagementSection 121: Statement Of Assets To Be SubmittedSection 122: Credit, Liabilities And Titles Against The Collateral Of Credit May Be Purchased Or SoldSection 123: Settlement Of DisputesSection 124: Not To Be Liable For Acts Done In Good FaithSection 126: Study Committee And Sub-committee May Be FormedSection 127: Taking Oath Of OfficeSection 129: This Act To PrevailedSection 130: Power To Remove DifficultiesSection 131: Power To Issue Order Or DirectionSection 132: Power To Frame Rules, ByelawsSection 134: Repeal And Saving