Financial Intermediaries Act 1996
sec.59Stay of proceedings
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sec.59 Stay of proceedings
This section applies if the registrar appoints an administrator to conduct a society’s affairs. A person must not begin or continue a proceeding in a court against the society until the administrator’s appointment is revoked except with the leave of the Supreme Court and, if the court grants leave, under any terms the court imposes. A person intending to apply for leave must give the registrar at least 10 days notice of intention to apply. On the hearing of an application for leave, the registrar may be represented and may oppose the granting of the application. s 59 amd 1999 No. 27 s 76 sch 1 pt 2 (sec.59-ssec.1) This section applies if the registrar appoints an administrator to conduct a society’s affairs. (sec.59-ssec.2) A person must not begin or continue a proceeding in a court against the society until the administrator’s appointment is revoked except with the leave of the Supreme Court and, if the court grants leave, under any terms the court imposes. (sec.59-ssec.3) A person intending to apply for leave must give the registrar at least 10 days notice of intention to apply. (sec.59-ssec.4) On the hearing of an application for leave, the registrar may be represented and may oppose the granting of the application.