FINANCIAL INSTITUTIONS ACT, 2004

PA RT II
REORGANISATION OF FOREIGN FINANCIAL INSTITUTIONS

9. (1) The Central Bank may order the reorganisation of a foreign financial institution by its head office under the supervision of the Central Bank and subject to such terms and conditions as the Central Bank may determine.

(2) Any reorganisation under this paragraph is conditional on the full protection of the interests in Seychelles of all depositors, beneficial owners, other creditors, safe deposit box lessees and persons otherwise entitled to funds or property held by the foreign financial institution in Seychelles as a fiduciary or on hire, loan deposit or pledge.