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(1) The official winding up of a short term insurer may be commenced by a special resolution of the company where the Commission has given its prior written consent to the passing of the resolution ;

(2) A resolution

(a) of a long term insurer to appoint a liquidator in contravention of subsection (1), or

(b) of a short term insurer to appoint a liquidator in contravention of Subsection (2), is void.

(3) Where the members of a short term insurer appoint a liquidator in accordance with this section, the Commission may by notice direct the liquidator to publish the appointment in a manner that is specified in the notice.

(4) A liquidator who fails to publish its appointment in accordance with a direction of the Commission issued under subsection (4) is liable to pay to the Commission the pecuniary penalty stated in the First Schedule.