Marginal note:Requirement to relinquish control
652 If no action has been taken by the Superintendent under section 651 and, after 30 days following the taking of control by the Superintendent under subsection 648(1) or (1.11) of a bank or of the assets of a bank, the Superintendent receives from its board of directors a notice in writing requesting the Superintendent to relinquish control, the Superintendent shall, not later than 12 days after receipt of the notice,
(a) comply with the request; or
(b) request the Attorney General of Canada to apply for a winding-up order under section 10.1 of the Winding-up and Restructuring Act in respect of the bank.
- 1999, c. 28, s. 53
- 2023, c. 26, s. 564(E)
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