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Marginal note:Suspension of shareholders’ rights

(3) If an order is made under subparagraph 11.09(1)(b)(ii) in respect of a clearing house, the powers, rights and privileges of its shareholders to vote or give approvals are suspended and the Bank may exercise those powers, rights and privileges.

Marginal note:Assistance

(4) The Bank may appoint one or more persons or entities to assist it in managing the clearing house or in carrying out the Bank’s functions as shareholder or as receiver and may delegate to those persons any of the powers, duties or functions of the directors and officers of the clearing house.

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Marginal note:Bank’s directions

(6) If an order is made under subsection 11.09(1), the Bank may give directions to the board of directors of the clearing house, including directions to make, amend or repeal any by-law, agreement, rule, procedure, guide or other documentation governing the designated clearing and settlement system or the clearing house.

11.11 (1) If the Governor of the Bank has made an order under subsection 11.09(1), the Governor may, by order,

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• (f) write-down fully or partially the equity of the shareholders, partners or owners of the clearing house; or

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(7) After an order is made under subsection (1), the Governor of the Bank shall, without delay, notify

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• (d) any government authority or regulatory body that has entered into an agreement or arrangement with the Bank under section 13.3 related to the clearing and settlement system.