58.— (1) As soon as may be after completion in relation to a proposed special management order, of the procedures required by section 56, the Bank shall apply ex parte to the Court for an order (referred to in this Act as a “special management order”) in the terms of the proposed special management order.

(2) A report prepared by the Bank (whether or not prepared specifically for the purpose of the application) in relation to matters within the Bank’s responsibilities, including the financial position of the authorised credit institution concerned, is admissible in evidence at the hearing of the application.

(3) The Court, when hearing an application under subsection (1), shall, if satisfied that the requirements of section 56 have been complied with, and that the decision of the Bank was reasonable and was not vitiated by any error of law, make a special management order in the terms of the proposed special management order (or those terms as varied by the Bank after consideration of any submission made under section 56(1)(b)).

(4) If the Bank has declared the intention of preserving or restoring the financial position of a credit institution in a proposed special management order, and the Court is satisfied that the Bank has that intention, the Court shall declare in the relevant special management order that the order or the relevant part of it is a reorganisation measure for the purposes of the CIWUD Directive.

(5) The Court shall order that a power of a special manager is to be exercisable immediately if the Court is satisfied that it is necessary, in all the circumstances, for the order to have that effect.

(6) The Court may make a special management order on terms other than those in the proposed special management order (or those terms as varied by the Bank after consideration of any submission made under section 56 (1) (b)) only if the court is satisfied that—

(a) there has been non-compliance with any of the requirements of section 56 or that the decision of the Bank 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 subsection (2), and

(c) the intervention conditions have been fulfilled in relation to the authorised credit institution concerned.