To give up carrying out of act of financial intermediation

Estimated reading: 2 minutes 55 views

If any institution makes an application to the Bank that it be relieved of carrying out of the act of financial intermediation and if it appears that all liabilities to be paid such an institution seem to have been paid up, the Bank may allow such an institution to stop doing the act of financial intermediation. Provided that, if such an institution is not able to pay up all liabilities, the Bank may prevent such an institution from carrying out the act of financial intermediation and shall write to the Government of Nepal for the payment of the liabilities from the assets of the institution pursuant to the Association Registration Act, 2034(1977).

21A.32 To recover from household properties of office-bearers: If any office-bearer of an institution carries out, or causes to be carried out the act of financial intermediation being guided by personal interest or with mala fide intention, and contrary to the objectives of this Act or misappropriates the amounts of the institution, the Bank shall recover, or cause to be recovered, the amount so misappropriated from the personal properties of such an office-bearer or from the movable and immovable properties held in his or her name and ownership in………….33 Nepal.

Post a comment

Your email address will not be published.

Share this Doc

To give up carrying out of act of financial intermediation

Or copy link

Discover Nepal's laws effortlessly. Our user-friendly platform simplifies legal understanding and accessibility, serving individuals throughout the country.
Working Hours : Mon-Fri, 09am-5pm