(1) A bank administration order is an order appointing a person as the bank administrator of a bank.

(2) A person is eligible for appointment as a bank administrator if qualified to act as an insolvency practitioner in relation to the bank.

(3) An appointment may be made only if the person has consented to act.

(4) A bank administration order takes effect in accordance with its terms; and -

(a) the process of a bank administration order having effect may be described as "bank administration" in relation to the bank, and

(b) while the order has effect the bank may be described as being "in bank administration".