137.—(1) The F387[Bank] may present a petition to the Court for an order (in this Part referred to as an “administration order”) for—

(a) the administration of a credit union; and

(b) the appointment of a person nominated by the F387[Bank] to be the administrator of the credit union;

and may do so notwithstanding that there is or may be another remedy or course of action available to F387[it] in relation to that credit union.

(2) On a petition under subsection (1), the Court may make an administration order if it considers—

(a) that the manner in which the business of the credit union is being or has been conducted has failed to make adequate provision for its debts, including contingent and prospective liabilities, or

(b) that the business of the credit union is being or has been so conducted as to jeopardise or prejudice the rights and interests of its members, or

(c) that the credit union has become unable to comply with the requirements of this Act in a material respect,

and that the making of an administration order would assist in the re-establishment, in the public interest, of the proper and orderly regulation and conduct of the credit union.

(3) The administrator of a credit union—

(a) shall take over the management of the business of the credit union; and

(b) shall carry on that business as a going concern with a view to placing it on a sound financial footing; and

(c) shall have in relation to the credit union all such powers as may be necessary for or incidental to his functions in relation to the credit union, including the sole authority over, and direction of, all officers F388[…] of the credit union.

(4) The administration of a credit union under this Part shall be deemed to have commenced at the time of the presentation of the petition for the administration order.