Credit Institutions (Stabilisation) Act 2010

11.

Application to set aside direction order.

11.— (1) The relevant institution in relation to which a direction order is made or a member of that institution may apply to the Court by motion on notice grounded on affidavit, F13 [ not later than 14 days after the publication, in accordance with subsection (1)( b ) of section 9A, of a direction order, ] for the setting aside of the direction order.

F14 [ (2) The Court shall give such priority to an application under subsection (1) as is necessary in the circumstances, and may give such directions as it considers appropriate in the circumstances

( a ) with regard to the hearing of the application, or

( b ) with regard to a matter that arises during the period beginning with the direction order and ending with the order of the Court under this section. ]

(3) On an application under subsection (1), the Court shall set aside the direction order only if it is of the opinion that there has been non-compliance with any of the requirements of section 7 or that the opinion of the Minister under section 7 (2) was unreasonable or vitiated by an error of law.

(4) The Court may, instead of setting aside the direction 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 7 or that the opinion of the Minister under section 7 (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 9 (4) , and

( c) to do so is necessary to secure the achievement of the purpose specified in the direction order or any other purpose of this Act.

F15 [ (5) On an application under subsection (1)

( a ) if an order is made setting aside the direction order, the order under this section is effective from the date of its making without prejudice to the validity of anything previously done or taken to have been done under the direction order, or

( b ) if an order is made refusing to set aside the direction order and the Court does not make an order under subsection (4), the order under this section has the effect that the direction order shall be taken to have been effective as if that application had not been made. ]

(6) An order under subsection (4) has effect, from the date of its making, to vary or amend the direction order without prejudice to the validity of anything previously done or taken to have been done under the direction order.

F16 [ (7) The Court, in considering the order it wishes to make under this section, may, where the applicant is a member of a relevant institution, have regard to

( a ) the date on which the applicant became a member of that institution, or increased or decreased the number of shares that the applicant held in that institution, and

( b ) the value of the shares acquired by or disposed of by the member

(i) as at the date or dates on which the shares were acquired or disposed of, as the case may be, and

(ii) as at the date on which the direction order concerned was made. ]

Annotations:

Amendments:

F13

Substituted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110(5) and sch. 2 part 5 item 13, S.I. No. 548 of 2011.

F14

Substituted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110(5) and sch. 2 part 5 item 14, S.I. No. 548 of 2011.

F15

Substituted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110(5) and sch. 2 part 5 item 15, S.I. No. 548 of 2011.

F16

Inserted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110(5) and sch. 2 part 5 item 16, S.I. No. 548 of 2011.