55. The financial institution gives to the entrepreneur access to the amount withheld under paragraph 4 of section 53 as performance guarantee of the business project within 30 days following the written notice of the Minister’s decision made under section 54. The institution confirms in writing to the Minister the date as of which the entrepreneur has access to that amount.
The financial institution gives the entrepreneur access to the amount withheld in any of the following situations:
(1) the foreign national’s selection application is rejected or denied;
(2) the selection decision concerning the foreign national is cancelled before obtaining the status of permanent resident;
(3) the foreign national’s application for a visa or permanent residence is denied;
(4) the foreign national dies before obtaining the status of permanent resident.