I-13.2.2 - Deposit Institutions and Deposit Protection Act

Section 42.8 Disposition versions

2019-06-13

42.8. The Authority, for the purposes or in course of an investigation or when it is informed that an authorized deposit institution is voluntarily dissolving or liquidating or winding up in contravention of section 28.2 or intends to do so, may request the Financial Markets Administrative Tribunal

(1)  to order a person or group not to dispose of funds, securities or other property in the person’s or group’s possession; or

(2)  to order a person or group to refrain from withdrawing funds, securities or other property on deposit with or under the control or in the safekeeping of any other person or group.

Such an order takes effect from the time the person or group concerned is notified of it and, unless otherwise provided, remains binding for a 12-month period; the order may be revoked or otherwise amended during that period.

2018, c. 23, s. 381.