Section 31: Restructuring manager is to operate company

1) The restructuring manager shall operate the company during the currency of the restructuring period.

2) In operating the company pursuant to sub-section (1), the manager may exercise the following powers:

(a) Management and control of the business, properties and transactions of the company,

(b) Termination, sale and disposal of any business or property of the company,

¹Provided that if fifty percent or more of the property is to be liquidated or sold, then the decision will have to be taken by the assembly or group of moneylenders.

(c) Doing or exercising any such act or power that the company or its officer may do or exercise.

3) In exercising the powers referred to in sub-section (2), the restructuring manager shall have the power to inspect all books of account, ledgers, records, accounts and documents of the company.

4) In doing or exercising any act or power set forth in this Section, the restructuring manager shall act in the capacity of an agent of the company.

5) If so sought by the restructuring manager, the director and other officer of the company shall provide any kind of such assistance as may be necessary for the management and control of the company.

6) No director and officer of the company shall, except with written direction of the restructuring manager, exercise any power or do any act of the company in the capacity of the director or officer of the company.

7) The director of the company shall provide information about the company and its business, property, and transactions to the restructuring manager as requested by the restructuring manager.

^{1 Amendment to the Prevention of Money Laundering and Promotion of Business Environment Act, 2080.}