(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).
(2) If the Bank proposes that any power of the special manager should be exercisable immediately, the Bank shall
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