The Act of 1942 is amended by the insertion of the following section after section 33AW:

"33AWA.

(1) Where the Bank by consent imposes a sanction under section 33AR(2)(a) or (4)(a), the Bank shall, as soon as practicable, make an application to the High Court for confirmation of the imposition of the sanction.

(2) On an application under this section the High Court shall confirm the imposition of the sanction unless it is satisfied that the sanction imposed is manifestly disproportionate.

(3) Where on an application under this section the High Court does not confirm the sanction, the Court shall remit the matter for reconsideration by the parties, together with any recommendation of the Court as to what aspects of the matter should be reconsidered.

(4) An application under subsection (1) may be made on an ex parte basis provided that the person on whom the sanction is imposed informs the Bank in writing that the person agrees to the application being made ex parte.

(5) The imposition of a sanction confirmed by the High Court under this section -

(a) takes effect on the day on which the Court's decision is given or such later date as the Court may specify in its decision, and

(b) has effect as an order of the Court and may be enforced accordingly.".