Marginal note:Expiration of control
650 (1) Control by the Superintendent under subsection 648(1) of a bank or of the assets of a bank expires on the day on which a notice by the Superintendent is sent to the directors and officers who conducted the business and affairs of the bank stating that the Superintendent is of the opinion that the circumstances leading to the taking of control by the Superintendent have been substantially rectified and that the bank can resume control of its business and affairs.
Marginal note:Expiration of control — Minister’s direction
(2) Control by the Superintendent under subsection 648(1.11) of a bank or of the assets of a bank expires on the day on which a notice by the Superintendent is sent to the directors and officers who conducted the business and affairs of the bank stating that the Minister is of the opinion, on the recommendation of the Superintendant, that corrective measures have been taken in response to the reasons related to national security and that the bank can resume control of its business and affairs.
- 1999, c. 28, s. 52
- 2023, c. 26, s. 562
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