Canada Deposit Insurance Corporation Act — C-3 39.15
Stay of proceedings 39.15 (1) Where an order is made under subsection 39.13(1), (a) no action or other civil proceeding before a judicial or quasi-judicial body and no arbitration may be commenced or continued against the federal member institution or in respect of its assets other than a proceeding under the Winding-up and Restructuring Act commenced by the Corporation or the Attorney General of Canada; (b) no attachment, garnishment, execution or other method of enforcement of a judgment or order against the federal member institution or its assets may take place or continue; (c) no creditor of the federal member institution has any remedy against the federal member institution or its assets; (d) except in the normal course of clearing and settlement processes, including the consolidation of accounts in respect of those processes or the services referred to in paragraph (5)(c), no creditor has any right of set-off or compensation against the federal member institution; (e) no person may terminate or amend any agreement with the federal member institution or claim an accelerated payment, or forfeiture of the term, under such an agreement by reason only of (i) the insolvency or deteriorated financial condition of the federal member institution or any of its affiliates, providers of credit support or guarantors, (ii) a non-monetary default, before the order was made, by the federal member institution or any of its affiliates in the performance of obligations under the agreement, (iii) a monetary default, before the order was made, under the agreement by the federal member institution or any of its affiliates that is remedied within 60 days after the day on which the order is made, (iv) the making of the order or any change of control or ownership of the federal member institution or any of its affiliates that is related to the making of the order, (v) the assignment or assumption of the agreement to or by a bridge institution or a third party, (vi) the transfer to a third party of all or part of the assets or liabilities of the federal member institution or any of its affiliates, (vii) a conversion under subsection 39.2(2.3) in respect of the federal member institution, or (viii) a conversion of any of the federal member institution’s shares or liabilities in accordance with the contractual terms of those shares or liabilities; and (f) no person may terminate the federal member institution’s membership in an organization by reason only of (i) the insolvency or deteriorated financial condition of the federal member institution or any of its affiliates, providers of credit support or guarantors, (ii) a non-monetary default, before the order was made, by the federal member institution or any of its affiliates in the performance of obligations under the rules of the organization, (iii) a monetary default, before the order was made, under the rules of the organization by the federal member institution or any of its affiliates that is remedied within 60 days after the day on which the order is made, (iv) the making of the order or any change of control or ownership of the federal member institution or any of its affiliates that is related to the making of the order, (v) the transfer of the federal member institution’s membership to a bridge institution or a third party, (vi) the transfer to a third party of all or part of the assets or liabilities of the federal member institution or any of its affiliates, (vii) a conversion under subsection 39.2(2.3) in respect of the federal member institution, or (viii) a conversion of any of the federal member institution’s shares or liabilities in accordance with the contractual terms of those shares or liabilities. Stay of proceedings — before conversion (1.1) If an order is made under paragraph 39.13(1)(d), no person may terminate or amend any agreement with the federal member institution that is in relation to any of that institution’s shares or liabilities that are prescribed by the regulati