Central Bank and Credit Institutions (Resolution) Act 2011

66.

Effect of special management order — general.

66.— (1) A special management order has effect—

( a) immediately, to the extent that the Court so orders,

( b) if an application is made under section 60 or 61 , at the time ordered by the Court on hearing that application, or

( c) if no such application is made—

(i) at the time ordered by the Court, or

(ii) if the Court makes no order as to the time of effect, 5 working days after the publication of the order under section 59 .

(2) If the Court orders that a special management order is to have effect immediately, the Court may order that, for a period ordered by the Court—

( a) a function of the special manager does not apply to the special manager or applies only to the extent ordered by the Court,

( b) a power of the special manager is not to be exercisable, or is to be exercisable only to the extent ordered by the Court, or

( c) a particular power of the special manager shall not be exercised without the leave of the Court.