(1) The Bank may present a petition to the Court for an order (in this Part referred to as an "administration order") for -

(a) the administration of a credit union; and

(b) the appointment of a person nominated by the Bank to be the administrator of the credit union;

and may do so notwithstanding that there is or may be another remedy or course of action available to it in relation to that credit union.

(2) On a petition under subsection (1), the Court may make an administration order if it considers -

(a) that the manner in which the business of the credit union is being or has been conducted has failed to make adequate provision for its debts, including contingent and prospective liabilities, or

(b) that the business of the credit union is being or has been so conducted as to jeopardise or prejudice the rights and interests of its members, or

(c) that the credit union has become unable to comply with the requirements of this Act in a material respect,