Print Options

Notwithstanding anything to the contrary in the law relating to insolvency, any asset of an institution that participates in a system, which, prior to the issue of an order for the winding-up or administration of that institution was provided to,

(a) the Bank; or

(b) the operators of the system designated under section 1 subsection (1) (b), as security in respect of the institution's payment or settlement obligations, may be utilized by the Bank or by the operators of the designated system to the extent required for the discharge of those payment or settlement obligations.