Marginal note:Unclaimed money on winding-up
366 (1) Notwithstanding the Winding-up and Restructuring Act, where the business of a bank is being wound up, the liquidator or the bank shall pay to the Minister on demand and in any event before the final winding-up of that business any amount that is payable by the liquidator or the bank to a creditor, shareholder or incorporator of the bank to whom payment thereof has not, for any reason, been made.
(2) Where a liquidator or a bank makes a payment to the Minister under subsection (1) with respect to a creditor, shareholder or incorporator, the liquidator or bank shall concurrently forward to the Minister all documents, records and registers in the possession of the liquidator or bank that relate to the entitlement of the creditor, shareholder or incorporator.
Marginal note:Payment to Bank of Canada
(3) The Minister shall pay to the Bank of Canada all amounts paid to the Minister under subsection (1) and shall provide the Bank of Canada with any document, record or register received by the Minister under subsection (2).
Marginal note:Liquidator and bank discharged
(4) Payment by a liquidator or a bank to the Minister under subsection (1) discharges the liquidator and the bank in respect of which the payment is made from all liability for the amount so paid, and payment by the Minister to the Bank of Canada under subsection (3) discharges the Minister from all liability for the amount so paid.
- 1991, c. 46, s. 366
- 1996, c. 6, s. 167
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