(1)

(a) Subject to subsection (2) and section 64, the Bank may approve the provision of stabilisation support under this section to a credit union where the credit union does not meet the regulatory reserve requirement but only if -

(i) its regulatory reserve is equal to or greater than 7.5 per cent of the total assets of the credit union, and

(ii) in the opinion of the Bank, the credit union is viable as a credit union.

(b) In this subsection "total assets of the credit union" means all of the assets of the credit union concerned having due regard to the accounting principles set out in section 110 of the Principal Act after deducting any provisions for bad or doubtful debts.

(2) Until the commencement of an order under section 43(1), stabilisation support shall not be approved by the Bank for a credit union under subsection (1) unless the Credit Union Restructuring Board has recommended that the credit union be considered by the Bank for stabilisation support.

(3) The Credit Union Restructuring Board may only make a recommendation to the Bank in relation to an individual credit union for the purposes of subsection (1) if: