(1) As soon as may be after completion, in relation to a proposed temporary administration order, of the procedures required by Regulation 48, the competent authority shall apply ex parte to the Court for an order (referred to in this Chapter as a "temporary administration order") in the terms of the proposed temporary administration order.
(2) A report prepared by the competent authority (whether or not prepared specifically for the purpose of the application) in relation to matters within the competent authority's responsibilities, including the financial position of the institution concerned, is admissible in evidence at the hearing of the application.
(3) The Court, when hearing an application under paragraph (1), shall, if satisfied that -
(a) the requirements of Regulation 48 have been complied with, and
(b) the decision of the competent authority was reasonable and was not vitiated by any error of law,
make a temporary administration order in the terms of the proposed temporary
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