157.—(1) As soon as practicable after he is appointed, the examiner shall formulate proposals for a compromise or scheme of arrangement for the survival of the credit union as a going concern and, notwithstanding any other provision of this Act, the Court may impose on the examiner such other duties as it deems appropriate.

(2) Notwithstanding any provision of this Act relating to notice of general meetings, (but subject to notice of not less than three days in any case) the examiner shall convene and preside at such meetings of members and creditors as he thinks proper, to consider such proposals as are referred to in subsection (1) and report thereon to the Court in accordance with section 158 within 35 days of his appointment or such longer period as the Court may allow.

(3) The F405[Bank] shall have the right to attend and speak at any meeting convened under subsection (2).

(4) Where, on the application of the examiner, the Court is satisfied that the examiner would be unable to report to the Court within the period of 70 days referred to in section 147 (1) but that he would be able to make a report if that period were extended, the Court may by order extend that period by not more than 30 days to enable him to do so.

(5) Where the examiner has submitted a report under this section to the Court and, but for this subsection, the period mentioned in section 147 (1) (and any extended period allowed under subsection (4)) would expire, the Court may, of its own motion or on the application of the examiner, extend the period concerned by such period as the Court considers necessary to enable it to take a decision under section 163.

(6) The examiner shall deliver a copy of his report under this section—

(a) to the credit union and to the F405[Bank] on the same day as his delivery of the report to the Court, and

(b) to any member or creditor of the credit union on written application,

provided that delivery under paragraph (b) may, if the Court so directs, be subject to the omission of such parts of the report as the Court thinks fit.

(7) The Court may, in particular, give a direction under subsection (6) if it considers that the inclusion of certain information in the copy of the report to be delivered under paragraph (b) of that subsection would be likely to prejudice the survival of the credit union, as a going concern.