Bank Act

Marginal note:Powers suspended

• 649 (1) If the Superintendent takes control of a bank pursuant to subparagraph 648(1)(b)(iii), the powers, duties, functions, rights and privileges of the directors of the bank and of the officers of the bank responsible for its management are suspended. If the bank is a federal credit union, the powers of the members to make, amend or repeal by-laws are also suspended.

• Marginal note:Superintendent to manage bank

  (2) Where the Superintendent takes control of a bank pursuant to subparagraph 648(1)(b)(iii), the Superintendent shall manage the business and affairs of the bank and in doing so the Superintendent

  • (a) may perform any of the duties and functions that the persons referred to in subsection (1) were performing prior to the taking of control; and

  • (b) has and may exercise any power, right or privilege that any such person had or could have exercised prior to the taking of control.

• Marginal note:Persons to assist

  (3) Where the Superintendent takes control of a bank pursuant to subparagraph 648(1)(b)(iii), the Superintendent may appoint one or more persons to assist in the management of the bank.