Central Bank and Credit Institutions (Resolution) Act 2011
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. |