(1) As soon as may be after completion, in relation to a proposed transfer order, of the procedures required by section 26, the Bank shall apply ex parte to the Court for an order (referred to in this Act as a "transfer order") in the terms of the proposed transfer 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 26 have been complied with and that the decision of the Bank was reasonable and was not vitiated by any error of law, make a transfer order in the terms of the proposed transfer order (or those terms as varied by the Bank after consideration of any submission made under section 26(1)(b)).