Credit Union Act 1997

Ending of protection.

165

165. (1) Notwithstanding anything in the preceding provisions of this Part, any protection deemed to be granted to a credit union under those provisions shall cease—

( a) on the coming into effect of a compromise or scheme of arrangement under this Part; or

( b) on such earlier date as the Court may direct.

(2) Where a credit union ceases to be under the protection of the Court, the appointment of the examiner shall terminate on the date of that cessation.