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Registrar's power to direct suspension of acceptance of deposits or funds and of payments.
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16.—(1) Where the Registrar is of the opinion, after consultation with the Central Bank, that a society has contravened a direction given by the Registrar under section 10, or that a society is unable, or is likely to become unable, to meet its obligations to creditors, or that it is expedient in the interests of the public (whether or not the society is being investigated under section 13), he may direct the society in writing to suspend, for such period not exceeding two months as shall be specified in the direction, the acceptance of deposits or the raising of funds not authorised by him or the making of payments not so authorised, or both the acceptance of such deposits or funds and the making of such payments.
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(2) A direction under this section shall have effect in accordance with its terms but, notwithstanding such a direction, a society may borrow money from a bank or from an officer of the society if the Registrar consents in writing to the borrowing.
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(3) The Registrar may apply to the Court for an order confirming a direction under this section or for an order confirming and extending the period of operation of such a direction for such time as the Court may, having regard to all the circumstances, consider appropriate, and the Court may grant such an order.
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(4) The Court may, in addition to or in lieu of making an order under subsection (3), make such other order in relation to the matter as may appear to it to be necessary.
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(5) Where an order is made under subsection (3) confirming and extending the period of operation of a direction under this section, the society shall, for the purpose of Part VI of the Act of 1963 (as applied by section 19), be deemed to be unable to pay its debts.
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(6) The whole or part of proceedings under this section or of an appeal in relation thereto may be heard in chambers.
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(7) A society to which a direction is given under this section may apply to the Court for an order setting aside the direction and the Court may grant such an order.
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(8) A direction under this section may be amended or revoked at any time by the Registrar.
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(9) The Registrar may, if he thinks fit, cause to be published in Iris Oifigiúil, or in such other way as appears to him expedient for informing the public, notice of a direction under this section and of its amendment or revocation.
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