Canada Deposit Insurance Corporation Act

Marginal note:Stay of proceedings — bridge institution

• 39.151 (1) Any action or other civil proceeding before a judicial or quasi-judicial body and any arbitration, to which a bridge institution may become a party by virtue of acquiring an asset or assuming a liability of the federal member institution shall be stayed for a period of 90 days from the day on which the bridge institution acquires the asset or assumes the liability.

• Marginal note:Waiver

  (2) The bridge institution may waive the stay referred to in subsection (1).