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(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.