Version status: In force | Document consolidation status: Updated to reflect all known changes
Version date: 1 May 2003 - onwards
  Version 3 of 3    

140. Termination of administration.

(1) The administration of a credit union and the appointment of an administrator pursuant to an administration order shall terminate -

(a) upon the making of an order for the winding up of the credit union concerned; or

(b) upon the making of an order under Part XII for the appointment of an examiner to the credit union concerned; or

(c) upon the making of an order by the Court, in accordance with subsection (2), for the termination of the administration.

(2) The Court shall not make an order for termination of the administration of a credit union except -

(a) on the application of the Bank or of the administrator with the approval of the Bank; and

(b) in circumstances where the Court considers -

(i) that, if the administration is terminated, the business of the credit union will not be so conducted as to jeopardise or prejudice the rights and interests of its members and will continue to be in all other respects on a sound financial footing; and

(ii) that it would be unjust and inequi