S.L. 371.12 Art. 4Adoption of reorganisation measures in Malta. Cap. 386. Cap. 383. Cap. 386. Cap. 383.

(1) The Court shall, upon receipt of an application made in terms of the Companies Act, or the Controlled Companies

(Procedure for Liquidation) Act, and the Act, decide on the implementation of reorganisation measures with respect to a Maltese credit institution including its branches established in host States.

(2) Reorganisation measures adopted by the Court in respect of a Maltese credit institution including its branches in any other host State shall, unless expressly provided otherwise in these regulations, be applied in terms of the Companies Act, the Controlled Companies (Procedure for Liquidation) Act and the Act as appropriate.

(3) Upon reorganisation measures taken pursuant to these regulations becoming effective in Malta they shall be immediately fully effective in any other Member State or EEA State without any further formalities, including formalities as against third parties in any Member State or EEA States, even if the legislation of such host State applicable to such third parties, does not provide for such reorganisation measures, or alternatively makes their implementation subject to conditions which are not fulfilled.

(4) Nothing in these regulations shall prejudice the powers of the competent authority in relation to reorganisation measures with respect to a Maltese credit institution including its branches established in host States, where provided for in article 29 of the Act.