Section 88H: Bridge Institution or Unit May be Established

1) If it is seen appropriate to operate work relating to resolution by establishing or fixing a bridge institution or unit as per Section (b) of sub-section (2) of Section 88 C., the Special Administration Team can request the Bank. If such a request seems to be reasonable, the Bank can grant permission to carry out work relating to resolution by establishing or fixing such a bridge institution or unit.

2) It is deemed that the institution or unit established as per sub-section (1) shall have the power, liability, and property of the commercial bank or financial institution concerned and the membership of any payment, clearing or settlement system as well.

3) The shareholders, creditors or any other persons of the institution or unit established as per sub-section (1) shall not have any right on the property or power of the commercial bank or financial institution concerned.

4) The function, duty and power of the bridge institution or unit and remuneration and facilities to be obtained by the lien on the post of such an institution or unit shall be as prescribed by the Bank.

5) None of the following matters shall be needed for the sake of transferring the property and liability of the commercial bank or financial institution concerned into the bridge institution, unit, or any other institution:

(a) Obtaining consent of the creditor or any affiliated party,

(b) Fulfilling the process prescribed by existing law relating to companies and stocks, or

(c) Fulfilling the process prescribed in any contract in which the commercial bank or financial institution is a party.