s 26 Direction in respect of subsidiary or material interest in corporations
(1) Notwithstanding any approval under subsection 25(1), the Bank may, in the interest of a prescribed institution, direct the prescribed institution to— (a) rationalise the business of any of its subsidiaries; (b) transfer the business of any of its subsidiaries to another corporation, including the prescribed institution or any of its other subsidiaries; (c) wind up any of its subsidiaries; or (d) dispose of all or any of its interest in its subsidiary or corporation in which it holds a material interest. (1A) In determining the interest of a prescribed institution under subsection (1), the Bank shall take into consideration matters that the Bank considers relevant including whether the activities of that subsidiary or corporation in which the prescribed institution holds a material interest— (a) is consistent with the business carried on by the prescribed institution; or (b) directly or indirectly affect the safety and soundness of the prescribed institution. (2) For the purposes of subsection (1), the prescribed institution shall comply with the Bank’s direction within such period as the Bank may specify. (3) (Deleted by Act A1502).