The Cabinet Secretary shall appoint the members of the Board set out under section 7(1) of the Act at least three months before the expiry of the term of the incumbent members to ensure continuity.

The Cabinet Secretary shall recommend to the President, at least two months before the expiry of the term, a person to be the chairperson amongst members appointed under Section 7(1) of the Act.

If the Corporation does not have available information on deposit liabilities for the purpose of determining the contribution of an institution, the deposit liabilities for that institution shall be estimated using the latest available data and the contribution for the corresponding period shall be adjusted once the actual information is available.

In addition to the contributions under section 27(3) of the Act, institutions shall contribute a percentage of their total deposit liabilities during the previous twelve months based on the risk-adjusted contribution methodology formulated by the Corporation in consultation with the Cabinet Secretary.

The Corporation shall not subject institutions to the risk adjusted contribution until the Corporation sets the risk-adjusted contribution methodology.

For the purposes of these Regulations, a deposit shall include interest which has been earned on that deposit as may be determined by the Corporation.

The Corporation shall determine, from time to time, the maximum amount payable as provided in the Act.

Insured deposits in trust accounts under the Act shall include co-mingled or pooled balances in such custodial accounts holding funds underlying mobile money transfer services:

Provided that such funds shall be placed with an institution which is licensed by the Central Bank and is a member of the Corporation.

A trustee of a trust account shall obtain protection or insurance for the beneficiary of the account.

The derived protection for any deposit held in a trust account is limited to protection against the failure of an institution where such funds have been placed and does not extend insurance cover in circumstances where an agent or custodian of the customer or beneficiary fails to deposit funds on behalf of the customer or beneficiary in an institution.

The derived protection or insurance cover shall be limited to the beneficiaries of the trust account and shall not extend insurance cover to the trustees in their personal capacity.

If an institution holding a trust account becomes insolvent or goes into receivership, the Corporation may promptly pay out the insured deposits underlying mobile phone access devices to the relevant trustees in order to avoid systemic risk.

Institutions and trustees shall ensure compliance with other relevant laws and regulations governing the operations and maintenance of trust accounts.

Unless the Corporation otherwise directs, there shall be deducted the amount of any liability of a depositor to the contributory institution in respect of which a right of set-off existed immediately before the institution became insolvent, against any such deposit or in respect of which such a right would then have existed if the deposit in question had been payable on demand and the liability in question had fallen due.

When the Corporation is appointed as a receiver of an institution, the Central Bank shall provide the Corporation with details of the depositors that have payable liabilities.

The Corporation shall pay out insured deposits within thirty days of its appointment as a liquidator.

The Corporation may require a depositor to lodge a claim to facilitate payment.

Upon the appointment of the Corporation as the receiver of an institution, the institution's activities shall remain suspended.

The Central Bank shall declare the suspension of business activities by an institution and shall notify the Corporation and the institution of such declaration.

The Corporation shall notify the depositors of the institution of the suspension of business activities by publishing notices in at least two newspapers with a national circulation.

The suspension of activities under this Regulation shall remain in force until the receivership process ceases.

The Fund may contribute resources to the exclusion and transfer process under the Lesser Cost Rule.

The Corporation shall recommend to the Central Bank to place an institution under liquidation where the exclusion and transfer process is not completed within sixty days of receivership.

In the winding-up of an institution, the liquidator shall determine whether, in his opinion, any loss has been caused to the institution since its formation by any act or omission of a person in the promotion or formation of the institution or of any officer or auditor of the institution.

If the liquidator determines that a loss has been caused by an act or omission referred to in paragraph (1), he may apply to the High Court for an order that any officer or auditor of an institution or any person who has taken part in the promotion or formation of the institution shall be publicly examined and the Court shall hold a public sitting on a date to be appointed for that purpose and direct that such person, director or auditor shall attend thereat and shall be publicly examined as to the promotion or formation or the conduct of the business of the institution or as to his conduct and dealings in so far as they relate to the affairs of the institution.

The liquidator shall take part in the examination under paragraph (2) and may for that purpose employ a legal representative of his own choice.

Any creditor or contributor may also take part in the examination either personally or by an advocate.

The High Court may put such questions to the person examined as it thinks fit.

The person examined shall be examined on oath and shall answer all such questions as the High Court may put or allow to be put to him.

A person examined under this section may, at his own cost, employ an advocate who shall put to him such questions as the High Court may deem just for the purpose of enabling him to explain or qualify any answer given by him:

Provided that if such person is, in the opinion of the High Court, exculpated from any charges made against him, the High Court may allow such costs in its discretion as it may deem fit.

References in this section to an officer or auditor of an institution shall include a former officer or auditor of that institution.

This regulation shall apply to any examination under these Regulations and also- to any examination envisaged in the Companies Act which is conducted in the course of the winding-up of any institution whether such winding-up commenced before or after the commencement of the Act.

No person shall be excused from examination by reason of the fact that any other proceedings, whether criminal or civil, are in progress or contemplated against him.

The official record of the evidence taken on any such examination may thereafter be used in evidence against any person examined in any civil proceedings and shall be open to the inspection of any creditor or contributory at all reasonable times.

Where an application is made to the High Court under the Companies Act against any person for repayment or restoration of any money Of property of an institution and the applicant makes out a prima facie case against such person, the High Court shall make an order against such person to repay and restore the money or property unless he proves that he is not liable to make the repayment or restoration either wholly or in part;

Provided that where such an order is made jointly against two or more persons, such persons shall be jointly and severally liable to make the repayment or restoration of the money or property.

Where an application is made to the High Court under the Companies Act and the High Court has reason to believe that any property belongs to any promoter, officer, manager or liquidator of the institution, whether the property standings in the name of such person or any other person as an apparent owner, then the High Court may, at any time, whether before or after making an order under paragraph (a) direct the attachment of such property so attached shall remain subject to attachment unless the apparent owner can prove to the satisfaction of the High Court that he is the real owner and the provisions of the Civil Procedure Code relating to attachment of property shall, as far as may be, apply to such attachment.

The Corporation may, at any time, resign as liquidator of an institution upon giving written notice to the Official Receiver whereupon the Official Receiver shall become the liquidator of the institution unless and until another liquidator is appointed by the Court in accordance with the provisions of the Companies Act (Cap. 486).

When the membership of an institution is terminated, the institution's depositors before the termination date shall continue to be insured by the Corporation for the remaining period in respect of which the institution had made a contribution.

When the membership of an institution is terminated, the Corporation shall publish a notice of the termination in the Gazette and at least one national newspaper with wide circulation.

The Central Bank may take any prompt corrective action as may be advised by the Corporation.

Where the Central Bank has undertaken prompt corrective action pursuant to the Act it shall notify the Corporation within seven days.

The Corporation may take prompt corrective action on an institution, pursuant to the Act; and, if the institution fails to successfully enforce the same, the Corporation shall notify the Central Bank to appoint it to assume control as a receiver under the Act.

The information under this Regulation, as at the end of each month, shall be provided to the Corporation by the 15th day of the subsequent month.

The Corporation may, from time to time, direct institutions to furnish any other information and in such format as is necessary to fulfill its functions.

The Corporation shall formulate a reporting framework to be adopted by institutions that allows for the effective and efficient analysis of financial information provided by institutions.

The Cabinet Secretary shall appoint the members of the Board set out under section 7(1) of the Act at least three months before the expiry of the term of the incumbent members to ensure continuity.

The Cabinet Secretary shall recommend to the President, at least two months before the expiry of the term, a person to be the chairperson amongst members appointed under Section 7(1) of the Act.

If the Corporation does not have available information on deposit liabilities for the purpose of determining the contribution of an institution, the deposit liabilities for that institution shall be estimated using the latest available data and the contribution for the corresponding period shall be adjusted once the actual information is available.

In addition to the contributions under section 27(3) of the Act, institutions shall contribute a percentage of their total deposit liabilities during the previous twelve months based on the risk-adjusted contribution methodology formulated by the Corporation in consultation with the Cabinet Secretary.

The Corporation shall not subject institutions to the risk adjusted contribution until the Corporation sets the risk-adjusted contribution methodology.

For the purposes of these Regulations, a deposit shall include interest which has been earned on that deposit as may be determined by the Corporation.

The Corporation shall determine, from time to time, the maximum amount payable as provided in the Act.

Insured deposits in trust accounts under the Act shall include co-mingled or pooled balances in such custodial accounts holding funds underlying mobile money transfer services:

Provided that such funds shall be placed with an institution which is licensed by the Central Bank and is a member of the Corporation.

A trustee of a trust account shall obtain protection or insurance for the beneficiary of the account.

The derived protection for any deposit held in a trust account is limited to protection against the failure of an institution where such funds have been placed and does not extend insurance cover in circumstances where an agent or custodian of the customer or beneficiary fails to deposit funds on behalf of the customer or beneficiary in an institution.

The derived protection or insurance cover shall be limited to the beneficiaries of the trust account and shall not extend insurance cover to the trustees in their personal capacity.

If an institution holding a trust account becomes insolvent or goes into receivership, the Corporation may promptly pay out the insured deposits underlying mobile phone access devices to the relevant trustees in order to avoid systemic risk.

Institutions and trustees shall ensure compliance with other relevant laws and regulations governing the operations and maintenance of trust accounts.

Unless the Corporation otherwise directs, there shall be deducted the amount of any liability of a depositor to the contributory institution in respect of which a right of set-off existed immediately before the institution became insolvent, against any such deposit or in respect of which such a right would then have existed if the deposit in question had been payable on demand and the liability in question had fallen due.

When the Corporation is appointed as a receiver of an institution, the Central Bank shall provide the Corporation with details of the depositors that have payable liabilities.

The Corporation shall pay out insured deposits within thirty days of its appointment as a liquidator.

The Corporation may require a depositor to lodge a claim to facilitate payment.

Upon the appointment of the Corporation as the receiver of an institution, the institution's activities shall remain suspended.

The Central Bank shall declare the suspension of business activities by an institution and shall notify the Corporation and the institution of such declaration.

The Corporation shall notify the depositors of the institution of the suspension of business activities by publishing notices in at least two newspapers with a national circulation.

The suspension of activities under this Regulation shall remain in force until the receivership process ceases.

The Fund may contribute resources to the exclusion and transfer process under the Lesser Cost Rule.

The Corporation shall recommend to the Central Bank to place an institution under liquidation where the exclusion and transfer process is not completed within sixty days of receivership.

In the winding-up of an institution, the liquidator shall determine whether, in his opinion, any loss has been caused to the institution since its formation by any act or omission of a person in the promotion or formation of the institution or of any officer or auditor of the institution.

If the liquidator determines that a loss has been caused by an act or omission referred to in paragraph (1), he may apply to the High Court for an order that any officer or auditor of an institution or any person who has taken part in the promotion or formation of the institution shall be publicly examined and the Court shall hold a public sitting on a date to be appointed for that purpose and direct that such person, director or auditor shall attend thereat and shall be publicly examined as to the promotion or formation or the conduct of the business of the institution or as to his conduct and dealings in so far as they relate to the affairs of the institution.

The liquidator shall take part in the examination under paragraph (2) and may for that purpose employ a legal representative of his own choice.

Any creditor or contributor may also take part in the examination either personally or by an advocate.

The High Court may put such questions to the person examined as it thinks fit.

The person examined shall be examined on oath and shall answer all such questions as the High Court may put or allow to be put to him.

A person examined under this section may, at his own cost, employ an advocate who shall put to him such questions as the High Court may deem just for the purpose of enabling him to explain or qualify any answer given by him:

Provided that if such person is, in the opinion of the High Court, exculpated from any charges made against him, the High Court may allow such costs in its discretion as it may deem fit.

References in this section to an officer or auditor of an institution shall include a former officer or auditor of that institution.

This regulation shall apply to any examination under these Regulations and also- to any examination envisaged in the Companies Act (Cap. 486) which is conducted in the course of the winding-up of any institution whether such winding-up commenced before or after the commencement of the Act.

No person shall be excused from examination by reason of the fact that any other proceedings, whether criminal or civil, are in progress or contemplated against him.

The official record of the evidence taken on any such examination may thereafter be used in evidence against any person examined in any civil proceedings and shall be open to the inspection of any creditor or contributory at all reasonable times.

Where an application is made to the High Court under the Companies Act (Cap. 486) against any person for repayment or restoration of any money of property of an institution and the applicant makes out a prima facie case against such person, the High Court shall make an order against such person to repay and restore the money or property unless he proves that he is not liable to make the repayment or restoration either wholly or in part;

Provided that where such an order is made jointly against two or more persons, such persons shall be jointly and severally liable to make the repayment or restoration of the money or property.

Where an application is made to the High Court under the Companies Act (Cap. 486) and the High Court has reason to believe that any property belongs to any promoter, officer, manager or liquidator of the institution, whether the property standings in the name of such person or any other person as an apparent owner, then the High Court may, at any time, whether before or after making an order under paragraph (a) direct the attachment of such property so attached shall remain subject to attachment unless the apparent owner can prove to the satisfaction of the High Court that he is the real owner and the provisions of the Civil Procedure Code relating to attachment of property shall, as far as may be, apply to such attachment.

The Corporation may, at any time, resign as liquidator of an institution upon giving written notice to the Official Receiver whereupon the Official Receiver shall become the liquidator of the institution unless and until another liquidator is appointed by the Court in accordance with the provisions of the Companies Act (Cap. 486).

When the membership of an institution is terminated, the institution's depositors before the termination date shall continue to be insured by the Corporation for the remaining period in respect of which the institution had made a contribution.

When the membership of an institution is terminated, the Corporation shall publish a notice of the termination in the Gazette and at least one national newspaper with wide circulation.

The Central Bank may take any prompt corrective action as may be advised by the Corporation.

Where the Central Bank has undertaken prompt corrective action pursuant to the Act it shall notify the Corporation within seven days.

The Corporation may take prompt corrective action on an institution, pursuant to the Act; and, if the institution fails to successfully enforce the same, the Corporation shall notify the Central Bank to appoint it to assume control as a receiver under the Act.

The information under this Regulation, as at the end of each month, shall be provided to the Corporation by the 15th day of the subsequent month.

The Corporation may, from time to time, direct institutions to furnish any other information and in such format as is necessary to fulfill its functions.

The Corporation shall formulate a reporting framework to be adopted by institutions that allows for the effective and efficient analysis of financial information provided by institutions.