Credit Institutions (Stabilisation) Act 2010

36.

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, F42 [ not later than 14 days after the publication, in accordance with subsection (1)( b ) of section 34A, of a transfer order, ] for the setting aside of the transfer order.

F43 [ (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 transfer 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 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.

F44 [ (5) If the Court sets aside a transfer order, no further assets or liabilities shall be transferred as a consequence of the transfer order.

(6) The setting aside of a transfer order does not affect the rights of a transferee or the transferee s title to any asset or liability so transferred before that setting-aside.

(7) If a transfer order is set aside and assets or liabilities have been transferred pursuant to it, the transferor is not entitled to any payment other than the consideration paid pursuant to the transfer order.

(8) If a variation or amendment of a transfer order made under this section would, but for this subsection, have the effect of setting aside a disposition of an asset or liability, subsections (5) to (7) apply with any necessary modifications.

(9) 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 transfer order concerned was made. ]

Annotations:

Amendments:

F42

Substituted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110(5) and sch. 2 part 5 item 42, S.I. No. 548 of 2011.

F43

Substituted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110(5) and sch. 2 part 5 item 43, S.I. No. 548 of 2011.

F44

Substituted and inserted (28.10.2011) by Central Bank and Credit Institutions (Resolution) Act 2011 (27/2011), s. 110(5) and sch. 2 part 5 item 44, S.I. No. 548 of 2011.