(1)If, on application made to it by any company or other person, the tribunal to be established for the purposes of this section is satisfied—
(a)that the applicant is an owner of transferred interests and that those transferred interests formed a substantial part of the applicant's resources ;
(b)that steps have been taken for the enforcement of a liability of the applicant to make a payment, or for the enforcement of a security upon property of the applicant, and that the taking of those steps is attributable to the passing of this Act or to matters arising in consequence thereof;
(c)that the applicant will be in a position, so far as can reasonably be foreseen, to meet his liabilities as they fall due, or in the case of liabilities arising in connection with transferred interests, on satisfaction of a right of his to compensation attributable to those interests or to interim income ; and
(d)that it will be for the benefit of the applicant and of the persons entitled to enforce liabilities of his, or to enforce securities upon his property, as a whole, that the enforcement thereof should be controlled ;
the tribunal may direct that the applicant shall be entitled to protection under this section.
(2)Whilst a direction under this section is in force none of the rights or remedies for the exercise of which leave is required under section one of the [6 & 7 Geo. 6. c. 19.] Courts (Emergency Powers) Act, 1943, shall be exercised against the applicant or his property (whether or not that Act remains in force for the time being), except with the leave of the appropriate court within the meaning of that Act.
(3)The tribunal may, at the time of giving a direction under this section or thereafter at any time whilst the direction remains in force, specify, and from time to time vary or revoke, conditions subject to which the direction is to operate for the time being (including, without prejudice to the generality of this provision, conditions requiring, or prohibiting, or limiting the amount of, payments to any particular creditors or class of creditors, or, where the applicant is a company, prohibiting, or limiting the amount of, dividends to be paid by the company), and on breach of any such condition the direction shall cease to be in force.
(4)The tribunal may at any time revoke a direction under this section, and any such direction not previously revoked shall cease to be in force at the expiration of six months from the date when the compensation for the transferred interests of the applicant is fully satisfied.
(5)The tribunal may, and shall if so required by the appropriate court, furnish for the assistance of that court on any application made to it for leave to exercise any of the rights or remedies mentioned in subsection (2) of this section a report of the tribunal's reasons for giving a direction under this section or for the imposition of conditions under subsection (3) of this section and generally as to the circumstances relevant to the direction.
(6)Provision shall be made by regulations for the establishment of a tribunal for the purposes of this section, having as its chairman a barrister or solicitor of not less than seven years' standing, and having included amongst the members thereof an accountant having the prescribed qualifications and a person having wide experience in commercial or financial matters, and the regulations may, without prejudice to the generality of this subsection, include provision—
(a)for the charging of fees for meeting the cost of remuneration or allowances to members of the tribunal and its expenses;
(b)for regulating any matters relating to the practice and procedure of the tribunal, including provision as to parties and their representation ;
(c)for awarding costs of proceedings before the tribunal, determining the amount thereof and the enforcement of awards thereof ;
and, subject to the provisions of any such regulations, the tribunal shall have power to regulate its own procedure.