(1) Any bank or financial institution wishing to go for voluntary liquidation shall submit an application along with an action plan of voluntary liquidation.
(2)In cases where the Rastra Bank is confident, upon carrying out an inquiry into an application submitted pursuant to Sub-Section (1), that such bank or financial institution or a branch or office of a foreign bank or financial institution is fully capable of repaying all of its credits and liabilities, it may grant approval in principle, along with some terms and conditions, for voluntary liquidation.
(3)A bank or financial institution getting approval in principle from the Rastra Bank pursuant to Sub-Section (2) shall carry out the following functions:-
a. To inform the Office of the Companies Registrar that it has got an approval in principle within seven days from the date of getting such an approval;
b. To send notice to all depositors, creditors or concerned persons by fast, efficient and reliable means, about the approval in principle it got within thirty days from the date of getting such an approval;
c. To publish a notice in national newspapers that it has got an approval in principle within thirty days from the date of such approval
d. To perform other functions as specified by the Rastra Bank.