Section 88E: Notice and Registration of the Work Relating to Resolution

1) The Special Administration Team shall have to provide every office of the commercial bank or financial institution with a notice along with the following description within two days from the commencement of the works relating to resolution:

(a) Date and time of the work commenced after taking the commercial bank or financial institution concerned under its control,

(b) Description of the revoked authority and responsibility of the previously authorised person, who used to carry out economic transactions of the commercial bank or financial institution concerned, manage it or give directives relating to it.

(c) Method, time and venue for the depositor to present their claim on their deposit remained in the commercial bank or financial institution concerned, and their claim exceeded the insurance and secured amount prescribed,

(d) Method, time and venue to re-obtain their deposit, insured and secured by the depositors, and

(e) Method, time and venue to present his/her claim to be obtained by the secured creditor from the commercial bank or financial institution.

2) The notice, along with the description as per Sub-Section (1), shall have to be published publicly so that the stakeholders of the commercial bank or financial institution concerned can get information. Such notices have to be published in a national daily newspaper by publishing it every week for a period of four weeks.

3) Special Administration Team shall have to send the information relating to the condition of the commercial bank or financial institution that is subjected to the process of resolution, and the change made in authorised person of such commercial bank or financial institution and in his/her authority to the Bank, Company Registrar’s Office, Stock Exchange Market concerned and the institution established to secure deposit as per existing law and other bodies concerned as well.