83.— (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 F31[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 F31[a designated credit institution], section 232 of the Act of 1963 does not apply in relation to that F31[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 authorised credit institution concerned.