1. Debts of the Central Bank shall enjoy the same privilege that the Government debts have over property of its debtors. Debts of the Central Bank shall be collected in the same manner and by the same means prescribed for the collection of Government debts and property. 2. The Central Bank may collect all its debts, claims and dues from Licensed Financial Institutions through direct debit from cash balances and deposits held with the Central Bank or realize assets, which constitute guarantees for these debts, claims and dues, upon maturity thereof. 3. The Central Bank may purchase, by agreement or by forced sale, or acquire real estate and movable property in settlement of its debts, claims and dues in accordance with the law in force in the State. Such property shall be sold as soon as reasonably practicable, unless the Central Bank decides to use it for the conduct of its business, in accordance with the provisions of this decree-law. 4. The Central Bank shall obtain sufficient guarantees to fulfil its rights, including mortgage, pledge or waiver. 5. The Central Bank may, in case its secured rights or fines are not paid upon maturity thereof, after ten (10) working days from the date its debtor was duly notified, proceed with sale of any pledged assets or property, without prejudice to the Central Bank’s right to initiate other legal proceedings against the debtor, until its secured rights are fully repaid. 6. Sale of pledged property pursuant to provisions of item (5) of this article shall be carried out by the competent court upon request of the Central Bank. 7. The Central Bank shall collect its dues from proceeds of the sale carried out pursuant to provisions of item (6) of this article. Should such proceeds exceed the Central Bank’s dues and fines, the surplus shall be deposited with the Central Bank, at the debtor’s disposal, without paying any interest. 8. The Central Bank shall not be considered liable for the payment of any obligations owed by the Government or any of the governments of Union member emirates, their respective authorities, companies or their branches.
Interpretation and application must be checked against the official text and current version.