(1) The trustees of a trustee savings bank shall not close or dissolve the bank or carry on the business of the bank for the purposes only of winding up its affairs unless -
(a) the Central Bank consents to the closure or dissolution, or
(b) the bank is ordered to be wound up under the Act of 1963.
(2) If the Central Bank consents to a proposal of the trustees to close or dissolve a trustee savings bank -
(a) the trustees shall give such notice of the proposal to depositors with the bank as the Central Bank may require, and
(b) provide such facilities as the Central Bank considers appropriate for the withdrawal of deposits from the bank.
(3) Upon the closure or dissolution of a trustee savings bank, the trustees shall, as soon as may be -
(a) convert into money any property or other assets of the bank, and
(b) if appropriate, transmit to the Minister -
(i) a list (certified to be correct by at least 2 of the trustees) of the names and addresses of any depositors with the bank who have
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