Securitisation Act (Cap. 484), article 22

22. (1) Notwithstanding the provisions of any other law, it shall be lawful: (a) for the constitutive documents of the securitisation vehicle: (i) to vest the power to appoint directors in any securitisation creditor or class thereof, to the exclusion of other persons; (ii) to vest the power to demand or place the securitisation vehicle under any dissolution and winding-up proceedings, company recovery procedure, company reconstruction or any proceedings affecting creditors’ rights generally, in any securitisation creditor or class thereof, to the exclusion of other persons; (b) for the securitisation vehicle to enter into any agreement which contains provisions by which securitisation creditors or any shareholder of the securitisation vehicle, including the originator, accept to restrict or waive their right to commence the process SECURITISATION [CAP. 484. 15 leading to dissolution and consequential winding-up proceedings, company recovery procedure, company reconstruction or any proceedings affecting the rights pertaining to creditors generally in connection with a securitisation vehicle, or to transfer such a right to any person; and (c) for the securitisation vehicle to enter into an agreement with the originator to the effect that the originator is given rights by the securitisation vehicle over all or part of the securitisation assets of the securitisation vehicle which may be available after payment of the securitisation creditors. Cap. 386.(2) The provisions of article 110(1) of the Companies Act shall not apply to the provision of financial assistance by a securit isation vehicle, unless the securitisation vehicle is constituted as a public limited liability company. (3) Unless otherwise provided for in the constitutive documents of the securitisation vehicle, a securitisation vehic le shall have the power to issue financial instruments whose value or yield is linked to specific compartments, assets or risks, or w hose repayment is subject to the repayment of other instruments, cer tain claims or certain categories of shares. If the acquisition vehi cle is different from the issuing vehicle, the value, yield and the conditions of repayment may also be linked to the assets and the liabilities of the acquisition vehicle. Holders of such financi al instruments shall enjoy the privilege arising by virtue of arti cle 16(1). (4) Any contract entered into in connection with a securitisation transaction shall be valid and enforceable in accordance with its terms, and where the parties agree in writing as to the effects that will arise on the occurrence of a specified event, it shall not be necessary for either party to obtain any court judgement or declaration confirming that the specified event has occurred or otherwise. Cap. 16.(5) The provisions of Title XVII of the Civil Code or of any other part of the Civil Code or of any other law in so far as t hey limit or restrict the charging of interest and compound interes t shall not apply to debts or any other obligations arising within the context of a securitisation transaction under this Act; and it shall be lawful for the amount of interest due in respect of any such de bt or other obligation to exceed the amount of capital due in respect of any such debt or obligation. (6) No court or arbitral tribunal may grant or sanction any moratorium or stay whatsoever in connection with a securitisati on vehicle. Power to make regulations. Amended by: V .2020.53.