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4.—(1) The Official Property Holder holds property vested in or transferred to him as a trustee.
(2) The Official Property Holder may release or deal with the property—
(a)to give effect to any interest in or right over the property of any person (other than the community interest company by which, or in trust for which, the property was held before it was vested or transferred), or
(b)at the request of a person appointed to act as administrative receiver, administrator, provisional liquidator or liquidator of the company.
(3) Subject to sub-paragraph (2), the Official Property Holder may not release or deal with the property except in accordance with directions given by the Regulator.