Credit Institutions (Stabilisation) Act 2010

16.

Application to set aside special management order.

16.— (1) The relevant institution in relation to which a special management order is made or a member of that institution may apply to the Court by motion on notice grounded on affidavit, F20 [ not later than 14 days after the publication, in accordance with subsection (1)( b ) of section 14A, of the making of a special management order, ] for the setting aside of the special management order.

F21 [ (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 making of the special management order and ending with the making of the order of the Court under this section. ]

(3) On an application under subsection (1) , the Court shall set aside the special management order only if the Court is satisfied that 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.

(4) The Court may, instead of setting aside the special management 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 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 sub section 14 (3) , and

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

(5) An order under subsection (4) is, from the date of making it, effective to vary or amend the special management order without prejudice to the validity of anything previously done under the special management order.

(6) If the Court sets aside a special management order, the appointment of the special manager shall be taken to have been terminated. However—

( a) he or she remains entitled to be paid, out of the assets of the relevant institution, his or her costs, expenses and remuneration, and

( b) the termination does not render invalid anything done by the special manager under the special management order.

F22 [ (7) Where, instead of making an order under subsection (3) setting aside a special management order, or an order under subsection (4) varying or amending a special management order, the Court, on application under subsection (1) makes an order refusing to set aside a special management order, the special management order shall be taken to have been effective as if the application under this section had not been made.

(8) 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 special management order concerned was made. ]

Annotations:

Amendments:

F20

Substituted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110(5) and sch. 2 part 5 item 20, S.I. No. 548 of 2011.

F21

Substituted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110(5) and sch. 2 part 5 item 21, S.I. No. 548 of 2011.

F22

Inserted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110(5) and sch. 2 part 5 item 22, S.I. No. 548 of 2011.