(1) The powers, functions and responsibilities of the shareholders, directors, and key management personnel of a bank or specialised deposit-taking institution shall be vested in the official administrator.
(2) the official administrator may request the shareholders, directors or key management personnel to carry out any activity under this Act.
(3) An action or decision taken by or on behalf of the bank or specialised deposit-taking institution during an official administration shall be null and void, unless that action or decision is taken by or under the authority of the official administrator.
(4) The official administrator shall have exclusive powers to manage and operate a bank or specialised deposit-taking institution in accordance with the instructions, directives, and guidelines of the Bank of Ghana.
(5) The official administrator may take any action necessary or appropriate to
(a) carry on the business of a bank or specialised deposit-taking institution;
(b) preserve and safeguard the assets and property of a bank or specialised deposit-taking institution; or
(c) implement a plan of action that has been approved by the Bank of Ghana with respect to that bank or specialised deposit-taking institution.
(6) The official administrator may employ, at the expense of the bank or specialised deposit-taking institution in official administration, independent attorneys, accountants and consultants to assist the official administrator, on the terms approved by the Bank of Ghana.
(7) The official administrator may delegate powers or duties to another person in accordance with the instructions issued by the Bank of Ghana.