Section 69: Protection of the Corporation in respect of judicial proceedings.

(1) Notwithstanding the provisions of this Act or any other enactment, no restorative, prohibitive or like order shall be granted against the Corporation in relation to payment of insured deposits to depositors of an insured institution, or in relation to the Corporation acting under the provisions of Part VIII of this Act or as a liquidator or provisional liquidator under the provisions of this Act, and the remedy of any claimant or applicant against the Corporation in any such action, suit or proceedings relating to or connected with this section shall be damages only, limited to an amount not exceeding, in the case of a-
(a) depositor, the maximum insured deposit;
(b) shareholder, the nominal value of the shares of the shareholder in the insured institution at the time the cause of action arose; and
(c) group of shareholders, the nominal value of the aggregate of the shares of the shareholders in the insured institution at the time the cause of action arose.
(2) An action, suit or proceedings shall not be proceeded with or commenced against such insured institution or the Corporation except with the leave of Court given on such terms as the Court may impose.
(3) A garnishee order nisi or absolute or attachment, sequestration, distress, or execution shall not be made against the-
(a) Corporation in respect of any judgment debt or other liabilities owed by such insured institution or any other judgment debtor; or
(b) bank account or assets or effects of the failed insured institution.
(4) A creditor who had issued execution against any goods or land of the insured institution or attached any debt due to the insured institution shall not be entitled to retain the benefit of the execution or attachment against the insured institution unless he had completed the execution or attachment before the commencement of liquidation of such insured institution.
(5) For the purpose of subsection (4) an execution against the goods shall be taken to be completed by seizure and sale and an attachment of debt shall be deemed to be completed by receipt of payment by the judgment creditor and an execution against land shall be deemed to be completed by seizure and in case of an equitable interest, by the appointment of a receiver while commencement of liquidation shall be from the date of revocation of the operating licence of the insured institution.
(6) A purchaser in good faith for value and without notice under a sale by the Court in the course of execution being levied on any property of the insured institution before the commencement of the resolution of the insured institution shall acquire good title against the liquidator.
(7) Where any goods of an insured institution are taken in execution and before the sale or the completion of the execution by receipt or recovery of the full amount of levy, notice is served on the sheriff of court by the Corporation that it has become the liquidator of the insured institution, the sheriff shall deliver the goods and any money seized or received in part satisfaction of the execution to the Corporation provided the Corporation satisfies the charge for costs of execution.