Marginal note:Cessation of business and powers
350 (1) Where a court makes an order for the liquidation of a bank,
(a) the bank continues in existence but shall cease to carry on business, except the business that is, in the opinion of the liquidator, required for an orderly liquidation; and
(b) the powers of the directors and shareholders, if any, are vested in the liquidator and cease to be vested in the directors or shareholders, except as specifically authorized by the court.
Marginal note:Delegation by liquidator
(2) A liquidator may delegate any of the powers vested by paragraph (1)(b) to the directors or shareholders, if any.
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