(1) Where the resolution authority forms the opinion that the variation of a capital instruments order is necessary in all the circumstances, it may apply -
(a) on notice to the institution or entity concerned, or
(b) in urgent circumstances, ex parte,
to the Court to vary the capital instruments order.
(2) The Court, when hearing an application under paragraph (1), shall, where satisfied that the opinion of the resolution authority is reasonable and was not vitiated by any error of law, make an order varying the capital instruments order.