Bank Act

Marginal note:Priority of claim in liquidation

655 In the case of the winding-up of a bank, the expenses resulting from the taking of control of the bank under subsection 648(1) and assessed against and paid by other banks and by authorized foreign banks pursuant to section 23 of the Office of the Superintendent of Financial Institutions Act, and interest in respect of the expenses at any rate that is specified by the Superintendent, constitute a claim of Her Majesty in right of Canada against the assets of the bank that ranks after all other claims but prior to any claim in respect of the shares of the bank.