Section 120: Appointment of a Liquidator

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1) The Authority shall appoint a liquidator to precede the actions pursuant to Section 119 and shall publish this information at least twice in two national-level daily newspapers and on the Authority’s website.

2) In accordance with sub-section (1), all insurance business operated by the insurer shall ipso facto be postponed after the Authority appoints a liquidator.

Tagged:
insurance act
nepal law

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Section 107: Inventory to be prepared
Section 9: Not to misuse banking resources, means and assets
Section 79: Micro-Insurance Regulation Fees
Section 9: Formation of Specialised Cooperative Association
Section 65: Functions, Duties and Powers of Public Procurement Monitoring Office
Section 88: Right to give order with respect to Audit of Insurer
Section 38: Procurement Contract to be Concluded
Section 140: Inter-government transactions may be carried out
Section 10: Qualification of Bidder or Proponent
Section 86F: Power of the Bank for Corrective Action
Section 79: To give information
Section 139: Security of employment
Section 31: Delegation of powers
Section 138: Punishment may be remitted
Section 86C: Bank to Take Action Against Problematic Commercial Bank or Financial Institution
Section 62: Liquid Assets to be maintained
Section 9B: Acts Not to be Done by the Exporter
Section 51: Discontinue to hold the office of Director
Section 111: Formation of labour relation committee
Section 134: Power to suspend
Section 68: Method of Communication
Section 4:
Section 80: Arrangements for control of infectious diseases to be made
Section 114: Insurer May Merge or be Amalgamated
Preamble
Section 88A: Power of the Bank to Carry Out Work of Resolution
Section 79: Debts to be recovered
Section 17: Buyer’s Obligations
Section 92: Qualifications of Insurance Mediators
Section 63: Blocklisting and Exclusion from the Blocklist
Section 53: Amendment to Procurement Contract
Section 102: Mutual Security Services may be conducted
Section 99: Fine for Violation of the Bank’s Regulation
Section 70: Consultation and Information Relating to External Debt
Section 155: Insurance Information Centre
Section 15: Punishment
Section 127: Person Entitled to Get Payment
Section 19: Working Area of Association and Cooperative Bank
Section 117: To hold negotiations on collective claims, demands
Section 36: Paid Up Capital of the Insurer
Section 116: Insurer Many Acquire Another Insurer
Section 86E: The Reformative Measures and Power to be Used by the Bank or the Official Appointed by the Bank
Section 11: Oath to be taken
Section 35: Payment of remuneration
Section 14A: Not to carry out Dhukuti transactions
Section 74: Obtained Approval While Selling Assets
Section 53: To receive gratuity
Section 26: Rejection of Bids or Cancellation of Procurement Proceedings
Section 149: Power to frame Rules
Section 133: Appeal may be filed
Section 34: Cancellation of License
Section 137: Social Audits may cause to be conducted
Section 84: Inspection and Supervision
Section 67: Find of a Cooperative Organisation
Section 61: Reproduction and Counterfeiting of Currency
Section 54: Variation Order
Section 65: Loans or Grants may be obtained
Section 25: Adjudication proceedings and disposal of the case not be affected
Section 88O: Application for Liquidation May be Made
Section 131: Authority to adjudicate a case
Section 74: To form safety and health committee
Section 63: Insurance Policy
Section 117: Report to be submitted
Section 7: Functions not to be Carried out by the Bank
Section 125: Picketing or assembly may be made
Section 44: Construction Works May be Caused to be Carried Out by the Users Committee or Beneficiary Community
Section 28: Two-Stage Bidding
Section 86B: Commercial Bank and Financial Institution Deemed to be Problematic
Section 124: Payment of Re-insurance Claim
Schedule
Section 4B: Payment for Sale of Goods or Provision of Services to a Foreigner
Section 43: Restriction on Distribution of Dividend
Section 72: Accepting risk based on the property itself
Section 2: Definitions
Section 36: General Meeting
Section 61A: Departmental Action to be Taken
Section 5: Functions, Duties and Power of the Authority
Section 4: Description of Goods, Construction Works and Services to be Prepared
Section 54: Measurement, Weights and Size of Coins
Section 14: Inspection
Section 60: De-registration
Section 68: Possession of Property Prohibited
Section 130: Insurance Mediation
Section 11D: Power to Search Building or Place of Transaction
Section 92: Registrar
Section 104: Organisation or Association may be declared problematic
Section 48: Formation of Accounts Supervision Committee
Section 148: Request for Details
Section 2: Definitions
Section 71: Provisions concerning Other Funds
Section 88M: Final Description of the Work Relating to Resolution to be Submitted
Section 49: Loan and Refinance to Commercial Banks and Financial Institutions
Section 37: Professional Code of Conduct and Official Responsibility
Section 41: Allocation of net profit
Section 22: Restriction on employment of foreigners
Section 16: Appointment of the Deputy Governor
Section 30: Short List to be Prepared by Soliciting Expression of Interest Openly
Section 20: Classification may be made on Sectoral Basis
Section 2: Definitions
Section 106C: Government of Nepal May Give Directives
Section 24: Objective of Organisation or Association
Section 10: Goods or Services May be Returned
Section 33: Arrangement for transportation to be made
Section 83: Accounts to be maintained accurately
Section 72: Duties of manufacturers, importers and suppliers
Section 172: Repeal and Saving
Section 21: Bid Security
Section 119: Power of The Authority to Initiate the liquidation Process
Section 6: Formation of the Board
Section 88L: Other Provisions Relating to Resolution
Section 2: Definition
Section 21: Accounting of Income and Expenditure
Section 16: Permission of the Bank to be Obtained to Open an Account
Section 171: Special provisions relating to managers and managerial level labours
Section 14: Application to be Submitted for Registration
Section 10: Coordination with Public Bodies
Section 37: Power to Make a Directory
Section 74B: Right to Remove Obstacles
Section 52: Contribution for provident fund
Section 128: Nepal Rastra Bank may punish
Section 83: Direction may be issued
Section 1: Short title and commencement
Section 14: Information to be provided to the Authority
Section 16: Punishment to the Persons Creating Hindrance
Section 37: May order capital reduction
Section 1: Short Title and Commencement
Section 88: Dissolution and Revocation of Registration
Section 70: Legal Documents to be Kept on Website
Section 118: Terms and conditions of services of chairperson and members of Management Committee
Section 113: Insurance Business May Be Transferred
Section 22: Grounds for Removal of the Directors from Office
Section 121: Provisions concerning Employees of Management Committee
Section 59: Account of Issued Currency
Section 77: Direction to stop the work
Section 163: International Aid and Relation
Section 98: Ministry to conduct Inspection and Monitoring
Nepal Rastra Bank Act, 2058
Section 133: Provisions relating to misconduct may be made in the bye-law
Section 60: Able to create a whistleblowing policy
Section 18: Method of Submission of Bids
Section 111: Authority to be suspended ipso facto
Chapter-2 Establishment of Authority and Its Functions, Duties and Power
Section 24: Issuance of order for creating encumbrances over the assets of a foreign individual
Section 43: Functions, duties and powers of Board
Section 63: Payment of remuneration and other benefits
Section 94: Report on Monetary Policy
Section 36: Employees of the Bank
Section 45: Prospectus and Issue of Shares
Section 17: Cooperative Organisation to be a Corporate Entity
Section 128: Prohibition on filing of case against loss
Section 6: Procurement Plan to be Prepared
Section 4: Establishment of An Electronic Platform
Section 53: Functions, Duties and Powers of the Board
Section 14: Formation of the Board
Section 8: Qualification and Disqualification of Chairperson and Member
Section 78: Claim of Micro-Insurance
Section 100: Punishment for Violation of the Bank’s Regulation
Section 124: Right to lock-outs
Section 79: Regulatory Powers of the Bank
Section 76: Appointment of an Auditor
Section 154: Formation of Expert Groups
Preamble
Section 69: Activities restricted to be carried on by Insurance Company
Section 106B: Expert Service to be Provided
Section 47: Application May be Filed Before the Chief of Public Entity
Section 8: Privileges and Facilities to the Bank
Section 73: Details to be made available
Section 64: Obligations of the main employer
Section 7: Responsibility Towards Procurement Activities
Section 23: Notice to be published
Section 26: Remuneration may be repatriated in convertible foreign currency
Section 126: Apparent loss or damage
Section 25: Government of Nepal to be the plaintiff
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Section 120: Appointment of a Liquidator

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