7.— (1) In the Special Liquidation Order, the Minister shall appoint one or more than one person for the purpose of the winding up of IBRC (in this Act referred to as a “special liquidator”).

(2) In deciding to appoint a person as a special liquidator, the Minister shall satisfy himself or herself that each person to be appointed has the appropriate level of skill, knowledge and qualifications required to perform the functions of a special liquidator pursuant to this Act.

(3) The Minister shall only appoint a person as a special liquidator if that person—

(a) is an individual, and

(b) is not precluded from acting as a liquidator of a company under section 300A(1) of the Act of 1963.

(4) The terms and conditions of appointment of a special liquidator shall be as fixed by the Minister.

(5) The Minister may at any time remove a special liquidator for any reason and appoint another person as a special liquidator.

(6) A special liquidator may also be appointed as a receiver by the Bank and in that event the special liquidator shall not be precluded by his or her appointment or obligations as a receiver from fulfilling his or her functions under this Act or complying with instructions issued or any direction given to him or her by the Minister pursuant to this Act.

(7) The appointment of a special liquidator shall be taken to have satisfied any statutory or other requirement to obtain the prior approval of the Bank for the acquisition of custody or control of any asset of IBRC acquired by the special liquidator pursuant to that appointment.

(8) Where the Minister appoints more than one special liquidator, the Minister shall provide in the Special Liquidation Order whether any act by this Act or the Companies Acts, as they apply to IBRC, required or authorised to be done by the special liquidator is to be done by all or any one or more of the persons appointed.