17. Order staying court proceedings against the licensed bank

Where the Central Bank has, in the interests of the depositors of a licensed bank, prohibited such licensed bank from carrying on all or part of its business for the purposes of implementing resolution measures under this Act, an officer authorized in that behalf by the Central Bank may make an application to the court for an order to prevent the continuance of any proceedings of a civil nature against the licensed bank with respect to any of its businesses.

The court may, upon hearing ex parte, an application made under subsection (1), make an order staying for a period not exceeding three months the continuance of any proceedings of a civil nature against the licensed bank with respect to any of its businesses.

Where a court makes an order under subsection (2), the Central Bank shall, as soon as practicable, publish a notice of such order in the Gazette and at least in three