Resolution of the Banks Transferred to the Fund
The Fund is entitled to perform the following operations regarding a bank transferred wholly or partially to itself;
1. To transfer wholly or partially its assets or liabilities to the an existing applicant bank the one to be established, or merge the bank with another applicant bank by means of providing financial and technical support
2. On the condition that the Fund Board deems necessary with regard to strengthening and restructuring the financial structure;
To increase its capital,
To remove punitive damages arising from required reserve and public cash liabilities,
To purchase its subsidiaries, real estate, and other current assets or to take such as pledge in return for advances,
To provide deposit to meet its liquidity requirement,
To take over its receivables or losses,
To perform all kinds of operations related to its assets or liabilities and turn them into cash,
3. To sell its assets to third parties by providing discount or by other means and take measures it deems necessary,
4. To transfer its shares to third parties by the authorization of the BRSA in line with articles 7 and 8 of the Banking Law No. 5411 and within the framework of the procedures and the principles to be determined by the Fund Borar. Consent of the creditor and debtor is not required for the transfer operations performed according to provisions of this article.
The process related to the strengthening and restructuring the financial structure, transfer, merger and sale of the banks transferred to the Fund along with their shareholder rights, management and control, except for dividends, is completed within a period of nine months at the latest following the transfer date. This period may be extended by the resolution of the Fund's Board, limited to three months.
In case of no completion of transfer, merger or sale within this period, the BRSA revokes the operating license of the bank upon request of the Fund.