(1) Subject to subsection (3), before making a proposed special management order in relation to an authorised credit institution, or a subsidiary or holding company of an authorised credit institution, the Bank shall -

(a) deliver a written notice to the authorised credit institution, subsidiary or holding company and, if the notice is delivered to a subsidiary or holding company, to the authorised credit institution concerned, describing the terms of the proposed special management order, accompanied by a summary of the reasons why the Bank believes that the intervention conditions are fulfilled,

(b) afford that credit institution and, if applicable, the authorised credit institution, 48 hours, or a shorter period on which the Bank and that credit institution agree, in which to make written submissions to the Bank, and

(c) consider any submissions made under paragraph (b).