Marginal note:Advisory committee

653. The Superintendent may, from among the banks and authorized foreign banks that are subject to an assessment under section 23 of the Office of the Superintendent of Financial Institutions Act and required to share in the expenses resulting from the taking of control of a bank pursuant to subsection 648(1), appoint a committee of not more than six members to advise the Superintendent in respect of assets, management and all other matters pertinent to the duties and responsibilities of the Superintendent in exercising control of the bank.

Marginal note:Expenses payable by bank

• 654. (1) Where the Superintendent has taken control of a bank pursuant to subparagraph 648(1)(b)(iii) and the control expires or is relinquished pursuant to section 650 or paragraph 652(a), the Superintendent may direct that the bank be liable for repayment of all or part of the expenses resulting from the taking of control of the bank 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, together with any interest in respect of the expenses at any rate that is specified by the Superintendent.

• Marginal note:Debt due to Her Majesty

  (2) Where any direction is made under subsection (1), the amount for which the bank is liable is a debt due to Her Majesty in right of Canada payable on demand and is recoverable in the Federal Court or any other court of competent jurisdiction.

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 under 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 or membership shares of the bank.

Marginal note:Application of assessment

656. Any amount recovered pursuant to section 654 or 655 shall be applied to reduce the total amount of expenses incurred for or in connection with the administration of this Act.

Marginal note:Required information

657. A bank or an authorized foreign bank shall provide the Commissioner with the information at the times and in the form that the Commissioner may require for the purposes of the administration of the Financial Consumer Agency of Canada Act and the consumer provisions.