Bank Act (S.C. 1991, c. 46)

Act current to 2013-04-29 and last amended on 2013-03-13. Previous Versions

Marginal note:Powers suspended

  • 649. (1) If the Superintendent takes control of a bank pursuant to subparagraph 648(1)(b)(iii), the powers, duties, functions, rights and privileges of the directors of the bank and of the officers of the bank responsible for its management are suspended. If the bank is a federal credit union, the powers of the members to make, amend or repeal by-laws are also suspended.

  • Marginal note:Superintendent to manage bank

    (2) Where the Superintendent takes control of a bank pursuant to subparagraph 648(1)(b)(iii), the Superintendent shall manage the business and affairs of the bank and in doing so the Superintendent

    • (a) may perform any of the duties and functions that the persons referred to in subsection (1) were performing prior to the taking of control; and

    • (b) has and may exercise any power, right or privilege that any such person had or could have exercised prior to the taking of control.

  • Marginal note:Persons to assist

    (3) Where the Superintendent takes control of a bank pursuant to subparagraph 648(1)(b)(iii), the Superintendent may appoint one or more persons to assist in the management of the bank.

  • 1999, c. 28, s. 51;
  • 2010, c. 12, s. 2081.
Previous Version
Marginal note:Expiration of control

650. 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.

  • 1999, c. 28, s. 52.
Marginal note:Superintendent may request winding-up

651. The Superintendent may, at any time before the receipt of a request under section 652 to relinquish control of a bank or of the assets of a bank, 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 bank, where

  • (a) the assets of the bank are under the control of the Superintendent pursuant to subparagraph 648(1)(b)(i) or (ii); or

  • (b) the bank is under the control of the Superintendent pursuant to subparagraph 648(1)(b)(iii).

  • 1999, c. 28, s. 52.
Marginal note:Requirement to relinquish control

652. Where no action has been taken by the Superintendent under section 651 and, after thirty days following the taking of control by the Superintendent under subsection 648(1) of a bank or of the assets of a bank, the Superintendent receives from its board of directors a notice in writing requesting the Superintendent to relinquish control, the Superintendent must, not later than twelve 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 bank.

  • 1999, c. 28, s. 53.