Bank Act

Marginal note:Requirement to relinquish control

622 If no action has been taken by the Superintendent under section 621 and, after 30 days following the taking of control by the Superintendent under subsection 619(1) or (2.1) of the assets of an authorized foreign bank, the Superintendent receives from the principal officer of the authorized foreign bank a notice in writing requesting the Superintendent to relinquish control, the Superintendent shall, not later than 12 days after receipt of the notice,

• (a) comply with the request; or

• (b) request the Attorney General of Canada to apply for a winding-up order under section 10.1 of the Winding-up and Restructuring Act in respect of the authorized foreign bank.