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Financial Institutions (Protection of Funds) Act, 2001 (Act No. 28 of 2001)

Board Notices

Guidelines on the Conduct of Curators

7. Reporting to the registrar

 

(1) A curator must regularly report, and in writing, to the registrar, including upon the registrar's request, on all curatorship activities, in particular—
(a) the initiation, defence or settlement of legal proceedings, indicating in respect of each matter—
(i) who the attorneys of record for the parties are or were;
(ii) the fees incurred in respect of the curator's attorneys of record;
(iii) the legal disbursements incurred in respect of counsel and other service providers;
(iv) whether or not litigation has been concluded;
(v) in the case of concluded litigation, the outcome of the litigation;
(vi) the amount recovered on taxation of legal costs;
(b) the conclusion of a significant agreement, including an agreement relating to the disposal of assets done in accordance with the terms of the Court Order or the letter of appointment;
(c) the continued adherence, or otherwise, by the institution to any statutory requirements;
(d) any significant obstacles encountered in performing the curator's functions;
(e) factors causing delays in progressing the curatorship;
(f) any irregularity uncovered that may require regulatory action or the referral of a matter for criminal prosecution;
(g) an overview of assets disposed of or alienated and how the proceeds will be distributed;
(h) any matter which may require relief or sanction from the court;
(i) the costs of the curatorship in accordance with paragraph 10 of these Guidelines; and
(j) any recommendation as to how the continuation of the curatorship should be dealt with further.

 

(2) A curator must provide the report contemplated in subparagraph (1) at intervals and in the manner determined by the registrar if not determined by the order of court (where applicable).