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Bank Act

Version of section 620 from 2023-06-22 to 2024-05-28:


Marginal note:Expiration of control

  •  (1) Control by the Superintendent under subsection 619(1) of the assets of an authorized foreign bank expires on the day on which a notice by the Superintendent is sent to the principal officer of the authorized foreign bank stating that the Superintendent is of the opinion that the circumstances leading to the taking of control of the assets by the Superintendent have been substantially rectified and that the authorized foreign bank can resume control of its assets.

  • Marginal note:Expiration of control — Minister’s direction

    (2) Control by the Superintendent under subsection 619(2.1) of the assets of an authorized foreign bank expires on the day on which a notice by the Superintendent is sent to the principal officer of the authorized foreign bank stating that the Minister is of the opinion, on the recommendation of the Superintendent, that corrective measures have been taken in response to the reasons related to national security and that the authorized foreign bank can resume control of its assets.

  • 1999, c. 28, s. 35
  • 2023, c. 26, s. 549

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