| (1) |
Any return day fixed under regulation 122 (1) must not be later than 60 days after the date of the provisional judicial management order but may be extended by the court on good cause shown. |
| (2) |
On such return day the court may after considering of— |
| (a) |
the opinion and wishes of creditors and members of the co-operative; |
| (b) |
the report of the provisional judicial manager under regulation 126 (c); |
| (c) |
the report referred to in regulation 127(3); and |
| (d) |
a report of the registrar if he does not preside at the meeting referred to in regulation 127(1), |
grant a final judicial management order if it appears to the court that the co-operative will, if placed under judicial management, be enabled to become a successful concern and that it is just and equitable that it be placed under judicial management, or the court may discharge the provisional order or make any other order it may deem fit.
| (3) |
A final judicial management order must contain— |
| (a) |
directives for the vesting of the management and control of the co-operative, subject to the supervision of the registrar, in the final judicial manager, the handing over of all matters and the accounting by the provisional judicial manager to the final judicial manager, and the discharge of the provisional judicial manager, where necessary; |
| (b) |
such other directives as to the management and control of the co-operative, or any matter incidental thereto, including directives conferring upon the final judicial manager the power, subject to the rights of the creditors of the co-operative, to raise money in any way without the authority of the members of the co-operative, as the court or the Tribunal may consider necessary. |
(4)
| (a) |
When a final judicial management order is granted, the registrar must without delay appoint a final judicial manager, who must give such security for the proper performance of his duties in his or her capacity as such as the registrar may direct, and who will hold office until he or she is discharged in terms of paragraph (b) or until the judicial management order is withdrawn or is deemed to be withdrawn in terms of regulation 134. |
| (c) |
The registrar may at any time for reasons which he or she deems fit dismiss a final judicial manager from his or her office and appoint another person in his or her place. |
| (5) |
The court or the Tribunal which has granted a final judicial management order may at any time and in any manner vary the terms of such order on the application of the registrar, the final judicial manager, or a representative acting on behalf of the creditors or member of the co-operative concerned by virtue of a resolution passed, in the case of creditors, by a majority in value and number of such creditors at a meeting of those creditors or, in the case of members, by a majority of members present at a general meeting. |
Special Investigating Units and Special Tribunals Act, 1996
