(1) For as long as the administrator of a credit union stands appointed under this Act, the following provisions shall have effect -

(a) no proceedings or resolution for the winding up of the credit union shall be commenced or passed without the prior sanction of the Court;

(b) no receiver over any part of the property of the credit union shall be appointed without the prior sanction of the Court;

(c) no attachment, sequestration, distress or execution shall be put into force against any part of the property of the credit union without the prior sanction of the Court;

(d) the words "under administration" shall be used in relation to the name of the credit union in all circumstances in which the words "in liquidation" would fall to be used in relation to the name of a company being wound up by the Court;

(e) the functions of the administrator may be performed by him with the assistance of persons appointed or employed by him for that purpose;