(1) On application to it by a converting company, the Court shall examine the legality of a cross-border conversion as regards the procedure which concerns the completion of the cross-border conversion, including the proposed formation of an Irish converted company, and shall -

(a) if it is satisfied that the requirements specified in paragraph (3) have been met, make an order approving the cross-border conversion as soon as it is so satisfied, or

(b) if not so satisfied, refuse to make an order approving the cross-border conversion.

(2) In making the application referred to in paragraph (1), the converting company shall submit to the Court the draft terms of the cross-border conversion approved by the general meeting of that company for the purposes of Article 86h of the Directive.

(3) The requirements referred to in paragraph (1)(a) are that -

(a) the proposed converted company is an Irish company,