(1) As soon as practicable after the Court makes a winding-up order pursuant to section 216(1) of the Act of 1963 in relation to a designated credit institution, the Bank shall nominate 2 individuals, and the Minister shall nominate one individual, who shall comprise a liquidation committee.
(2) The Bank and the Minister may each replace their respective nominees at any time.
(3) The function of a liquidation committee is to ensure that the liquidator properly carries out his or her functions under this Part.
(4) While a liquidation committee exists in relation to a designated credit institution, section 232 of the Act of 1963 does not apply in relation to that recognised credit institution.
(5) If a liquidation committee ceases to exist by virtue of section 84(4), section 232 of the Act of 1963 again becomes applicable in relation to the designated credit institution concerned.