(1) A special management order has effect -

(a) immediately, to the extent that the Court so orders,

(b) if an application is made under section 60 or 61, at the time ordered by the Court on hearing that application, or

(c) if no such application is made -

(i) at the time ordered by the Court, or

(ii) if the Court makes no order as to the time of effect, 5 working days after the publication of the order under section 59.

(2) If the Court orders that a special management order is to have effect immediately, the Court may order that, for a period ordered by the Court -

(a) a function of the special manager does not apply to the special manager or applies only to the extent ordered by the Court,

(b) a power of the special manager is not to be exercisable, or is to be exercisable only to the extent ordered by the Court, or