Credit Institutions (Stabilisation) Act 2010
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Special management orders. |
14.— (1) As soon as may be after completion in relation to a proposed special management order of the procedures required by section 13 , the Minister shall apply ex parte to the Court for an order (in this Act called a “special management order”) in the terms of the proposed special management order. | |
(2) The Court, when hearing an ex parte application under subsection (1), shall, if satisfied that the requirements of section 13 have been complied with, and that the opinion of the Minister under that section was reasonable and was not vitiated by any error of law, make a special management order in the terms of the proposed special management order (or those terms as varied after consideration of any submission referred to in section 13 (4) (c)). | ||
(3) A report prepared by the Bank (whether or not prepared specifically for the purpose of the application) in relation to matters within the Governor or the Bank’s responsibilities, including the financial position of the relevant institution, is admissible in evidence at the hearing of the application. | ||
(4) If in a proposed special management order the Minister has declared the intention of preserving or restoring the financial position of a credit institution, and the Court is satisfied that the Minister made the proposed special management order or part of it with that intention, the Court shall declare in the relevant special management order that the special management order or the relevant part of it is a reorganisation measure for the purposes of the CIWUD Directive. | ||
(5) The Court may make a special management order on terms varied or amended from those in the proposed special management order only if it is of the opinion that— | ||
(a) there has been non-compliance with any of the requirements of section 13 or that the opinion of the Minister under section 13 (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 subsection (3), and | ||
(c) to do so is necessary to secure the achievement of the purpose specified in the proposed special management order or any other purpose of this Act. | ||
(6) The Court may give a direction, as it thinks appropriate, in relation to the publication of a special management order. | ||
(7) A special management order is effective immediately on its making, subject to the right of application under section 16 . |