Section 41: Asset Separation Tool.

(1) Notwithstanding anything contained in any law, contract or instrument, the Bank may transfer the assets of a bank, specialised bank or other financial institution to one or more private asset management vehicles and, for this purpose, the Bank may issue instruments transferring any of that property.
(2) The transfer referred to in subsection (1) shall take place without obtaining the consent of the shareholders of the bank, specialised bank or other financial institution, or any third party other than the private asset management vehicle, and without complying with any procedural requirements under any law or written contract.
(3) The Bank or a person as may be directed by the Bank, shall determine the consideration for which assets are transferred to the private asset management vehicle and such consideration may be paid in the form of debt issued by the private asset management vehicle:
Provided that nothing in this subsection shall prevent such consideration from having a nominal or negative value.
(4) The Bank may, for the purposes of subsection (1) issue an instrument of transfer to the private asset management vehicle:
Provided that nothing in this section shall be construed as precluding the Bank from directing that the private asset management vehicle transfers the assets back to the bank, specialised bank or other financial institution, and the bank, specialised bank or other financial institution shall be obliged to take back such assets.
(5) Shareholders or creditors of the bank, specialised bank or other financial institution and other third parties shall not enforce any right, judgment or claim howsoever described against the assets transferred to the private asset management vehicle.
(6) The private asset management vehicle shall manage the assets transferred to it with a view to maximising their value for an eventual sale or organised and measured winding up.
(7) The obligations of a private asset management vehicle under this section does not imply any duty or responsibility to shareholders or creditors of the bank, specialised bank or other financial institution, and the management of a private asset management vehicle shall have no liability to such shareholders or creditors for acts and omissions in the discharge of their duties unless in the case of fraud or gross misconduct which directly affects the rights of such shareholders or creditors.