(1) A direction under section 72(1) becomes effective ¾

(a) on the expiry of 7 days after its receipt by a board or of such longer period as the Minister may, at the request of the board, determine; or

(b) if it is the subject of a notice under section 17 of the Statutory Corporations (Liability of Directors) Act 1996, on its being confirmed under that section.

(2) If a board asks the Minister to extend the 7 day period under subsection (1), the Minister must decide whether or not to agree to the request and notify the board of that decision before the 7 day period has expired.