Section 49: Control of failing capital market operator.

(1) If, after taking steps under section 48 of this Act as in the opinion of the Commission may be appropriate in the circumstance, the state of affairs of the capital market operator concerned does not improve significantly, the Commission may assume control of the whole of the property and affairs of the capital market operator, carry on the whole of its business and affairs or assume control of such part of its property, business and affairs as the Commission considers necessary or appoint persons to do so on behalf of the Commission.
(2) Where the Commission or an appointed person has assumed control of the business of a capital market operator in pursuance of subsection (1) of this section, the capital market operator shall submit its capital market business to the control of the Commission and shall provide the Commission or appointed person with such facilities as the Commission or the appointed person may require to carry on the business of the capital market operator and notwithstanding the provisions of this section, all capital market operators shall cooperate with the Commission at all times.