306.55. If the corporation fails to perform an act or to make a decision within the time prescribed under this Act, the Government may perform the act or make the decision.
Every act performed or decision made by the Government is binding on the corporation as if it had been performed or made by the corporation.
No act performed or decision made by the Government may be revoked, repealed or changed by the corporation except with the approval of the Government.
Subject to section 306.54, the corporation may perform an act or make a decision even after the time prescribed under this Act has expired, provided that it does so before the act is performed or the decision is made by the Government.