(1) Where, on application by petition under this section, it appears to the Court that -

(a) a credit union is or is likely to be unable to pay its debts, and

(b) no resolution subsists for the winding up of the credit union, and

(c) no order has been made for the winding up of the credit union,

it may, subject to subsection (2), appoint an examiner to the credit union for the purpose of examining the state of the credit union's affairs and performing such duties in relation to the credit union as may be imposed by or under this Part; and in the following provisions of this Part, "examiner" means an examiner appointed under this section.

(2) The Court shall not make an order under this section unless it is satisfied that there is a reasonable prospect of the survival of the credit union as a going concern.

(3) A petition under this section may be presented by the Bank or, with the consent of the Bank, by all or any of the following, together or separately -

(a) the credit union;