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

(1) As soon as practicable after he is appointed, the examiner shall formulate proposals for a compromise or scheme of arrangement for the survival of the credit union as a going concern and, notwithstanding any other provision of this Act, the Court may impose on the examiner such other duties as it deems appropriate.

(2) Notwithstanding any provision of this Act relating to notice of general meetings, (but subject to notice of not less than three days in any case) the examiner shall convene and preside at such meetings of members and creditors as he thinks proper, to consider such proposals as are referred to in subsection (1) and report thereon to the Court in accordance with section 158 within 35 days of his appointment or such longer period as the Court may allow.

(3) The Bank shall have the right to attend and speak at any meeting convened under subsection (2).

(4) Where, on the application of the examiner, the Court is satisfied that the examiner would be unable to report to the