(1) An acquiring transaction shall only be valid where it is entered into within 12 months after -
(a) the Bank has given its approval in writing to the transaction, or
(b) the relevant period within the meaning of section 83 has elapsed without the Bank refusing its approval to the transaction,
and, accordingly, any purported acquiring transaction which does not comply with either paragraph (a) or (b) shall be invalid and -
(i) title to any shares or other interest concerned shall not pass, and
(ii) any consequential purported exercise of powers shall be void.
(2) A person may apply to the Court for an order, on such conditions as the Court may decide, declaring that, notwithstanding the failure of that person to notify the Bank as required by this Chapter, the acquiring transaction is, and always had been, a valid transaction and that title to any shares or other interest concerned did pass and that all purported exercise of powers is and always had been valid, and if the Cour