(1) Subject to section 146, during the period beginning with the date of the presentation of a petition under section 142 and (subject to subsections (4) and (5) of section 157) ending on the expiry of 70 days from that date or on the withdrawal or refusal of the petition, whichever first happens, the credit union shall be deemed to be under the protection of the Court.

(2) For so long as a credit union is under the protection of the Court in a case under this Part, the following provisions shall have effect -

(a) no proceedings for the winding up of the credit union may be commenced or resolution for winding up passed in relation to the credit union and any resolution so passed shall be of no effect;

(b) any other proceedings in relation to the credit union may be commenced only with the leave of the Court and subject to such terms as the Court may impose;

(c) on the application of the examiner, the Court may make such order as it thinks proper in relation to any existing proceedings, including an order to stay those proceedings;