Credit Institutions (Stabilisation) Act 2010
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Application to set aside transfer order. |
36.— (1) The relevant institution in relation to which a transfer order is made or a member of that institution may apply to the Court by motion on notice grounded on affidavit, not later than 5 working days after the making of a transfer order, for the setting aside of the transfer order. | |
(2) The Court shall give such priority to an application under subsection (1) as is necessary in the circumstances and may give such directions with regard to the hearing of the application as it considers appropriate in the circumstances. | ||
(3) On an application under subsection (1), the Court shall set aside the transfer order only if the Court is satisfied that there has been non-compliance with any of the requirements of section 33 or that the opinion of the Minister under section 33 (2) was unreasonable or vitiated by an error of law. | ||
(4) The Court may, instead of setting aside the transfer order, make an order varying or amending that order in the manner it considers appropriate if the Court is satisfied that— | ||
(a) there has been non-compliance with any of the requirements of section 33 or that the opinion of the Minister under section 33 (2) was unreasonable or vitiated by an error of law, | ||
(b) it would be appropriate to do so, having regard to any report referred to in section 34 (3), and | ||
(c) to do so is necessary to secure the achievement of the purpose specified in the transfer order or any other purpose of this Act. | ||
(5) If the Court sets aside a transfer order under subsection (3)— | ||
(a) no dealing by the transferee in an asset or liability referred to in section 34 (7) (a) before the setting aside of the transfer order is rendered invalid, and, to the extent that the transfer order is set aside— | ||
(i) in the case of assets or liabilities that are capable of being transferred back to the transferor, they shall be so transferred, and | ||
(ii) in the case of all other assets or liabilities, any proceeds of that dealing shall be given to the transferor, | ||
and | ||
(b) no further assets or liabilities shall be transferred on foot of the transfer order. | ||
(6) An order under subsection (4) is, from the date of making it, effective to vary or amend the transfer order. To the extent that such a variation or amendment has the effect of setting aside any disposition by the transferee of an asset or liability referred to in section 34 (7) (a)— | ||
(a) that disposition is not rendered invalid, but | ||
(b) the proceeds of that disposition shall be given to the transferor. |