Section 60: Dissolution of Resolution Cost Fund (amended by Section 8 of the Asset Management Corporation of Nigeria (Amendment) Act, 2015)

(1)
At the end of the tenor, the Resolution Cost Fund shall stand dissolved and the Board of Trustees shall appoint on such terms as it deems fit, one or more liquidators to wind up the affairs of the Resolution Cost Fund; realise all assets of the Resolution Cost Fund and to distribute, in accordance with sub-section (5) of this section, the proceeds of realisation and all moneys then standing to the credit of the Resolution Cost Fund.
(2)
The following persons shall not be eligible to be appointed as a liquidator of the Resolution Cost Fund-
(a)
an infant;
(b)
a person of unsound mind;
(c)
a body corporate;
(d)
an undischarged bankrupt;
(e)
an employee or officer of an eligible financial institution;
(f)
a member of the Board of Trustees;
(g)
any person convicted of any offence involving fraud, dishonesty, official cbrruption or moral turpitude; and
(h)
person who is a debtor of the Corporation or the obligor whether directly or indirectly in relation to an eligible Bank Asset;
(3)
Upon the appointment of a Iiquidator under sub-section (1) of this section, all powers of the Board of Trustees shall cease except so far as is necessary to consider, and if thought fit, approve the account for the winding up prepared by the liquidator in pursuance of subsection(4)of this section.
(4)
As soon as the affairs of the Resolution Cost Fund are fully wound up, the liquidator shall prepare an account of the winding up, showing how the winding up has been conducted and lay same before the Board of Trustees.
(5)
Subject to sub-section (6) of this section, all moneys standing to the credit of the Resolution cost Fund over and above that required for the purposes specified under section 65 of this Act, shall after the dissolution and winding up of the affairs of the Resolution Cost Fund be deemed to be held in trust for the benefit of the central Bank of Nigeria and the eligible financial institutions and shall be distributed by the liquidator amongst the Central Bank of Nigeria and the eligible financial institutions on a pro rata basis.
(6)
All costs, charges and expenses properly incurred in the winding up of the Resolution Cost Fund, including the remuneration of the liquidator, shall be payable out of the moneys standing to the credit of the Resolution Cost Fund and assets of the Resolution Cost Fund.