(1) If the Bank reasonably believes that the control exercised by a person who has a qualifying holding in an insurance undertaking or reinsurance undertaking is inconsistent with the prudent and sound management of the undertaking, it may apply to the Court for an order under paragraph (3).

(2) In making an application under paragraph (1), the Bank shall serve a copy of the application on the person to whom the application relates and on being served with the notice, that person becomes the respondent to the application.

(3) On the hearing of an application under paragraph (1), the Court may, on being satisfied that the Bank's belief is substantiated, make all or any of the following orders:

(a) an order directing the respondent to dispose of the holding or a specified part of it;

(b) an order suspending the exercise of the voting rights attached to the relevant shares;

(c) an order invalidating votes already exercised by holders of those shares.