72 (1) If the conditions in subsection (2) are met, the director may in writing do one or more of the following: 1.  Order any person having on deposit or controlling any money or asset of a licensee or former licensee to hold the money or asset. 2.  Order a licensee or former licensee to refrain from withdrawing any money or asset from a person having it on deposit or controlling it. 3.  Order a licensee or former licensee to hold any money or asset of a customer or other person in trust for the person entitled to it.  2006, c. 34, Sched. D, s. 51. Conditions (2) The director may make an order under subsection (1) if the director believes that it is advisable for the protection of the customers of a licensee or former licensee and, (a)  a search warrant has been issued under this Act; or (b)  criminal proceedings or proceedings in relation to a contravention under this Act or any other Act are about to be or have been instituted against the licensee or former licensee in connection with or arising out of the business in respect of which the licensee or former licensee is or was licensed.  2006, c. 34, Sched. D, s. 51. Limitation (3) An order made under subsection (1) against a bank or authorized foreign bank within the meaning of section 2 of the Bank Act (Canada), a credit union within the meaning of the Credit Unions and Caisses Populaires Act, 2020
or a loan or trust corporation applies only to the offices and branches named in the order.  2006, c. 34, Sched. D, s. 51; 2020, c. 36, Sched. 7, s. 314. No order (4) The director may not make an order under subsection (1) if the licensee or former licensee files with the director, in the manner and amount that the director determines, (a)  a personal bond accompanied by collateral security; (b)  a bond of an insurer licensed under the Insurance Act to write surety and fidelity insurance; (c)  a bond of a guarantor accompanied by collateral security; or (d)  another prescribed form of security.  2006, c. 34, Sched. D, s. 51. Release (5) The director may consent to the release of any particular money or asset from the order or may wholly revoke the order.  2006, c. 34, Sched. D, s. 51. Application to court (6) If the director makes an order under subsection (1), any one of the following persons may apply to a judge of the Superior Court of Justice for a determination in respect of the disposition of any money or asset that is the subject of the order: 1.  A person who receives the order if the person is in doubt as to whether the order applies to the money or asset. 2.  A person who claims an interest in the money or asset.  2006, c. 34, Sched. D, s. 51. Notice registered against land (7) If the director makes an order under subsection (1), the director may register, in the appropriate land registry office, a notice that the director has made the order and that the order may affect land belonging to the person specified in the notice, and the notice has the same effect as the registration of a certificate of pending litigation, except that the director may in writing revoke or modify the notice.  2006, c. 34, Sched. D, s. 51. Cancellation or discharge (8) A licensee or former licensee in respect of which an order has been made under subsection (1) or any person having an interest in land in respect of which a notice is registered under subsection (7) may apply to the Tribunal for cancellation in whole or in part of the order or for discharge in whole or in part of the registration.  2006, c. 34, Sched. D, s. 51. Disposition by Tribunal (9) The Tribunal shall dispose of the application after a hearing and may cancel the order or discharge the registration in whole or in part if the Tribunal finds, (a)  that the order or registration is not required in whole or in part for the protection of customers of the applicant or of other persons having an interest in the land; or (b)  that the interests of other persons are unduly prejudiced by the order or registration.  2006, c. 34, Sched. D, s. 51. Parties (10) The applicant, the director and the other persons that the Tribunal specifies are parties to the proceedings before the Tribunal.  2006, c. 34, Sched. D, s. 51. Application to court (11) After making an order under subsection (1) or registering a notice under subsection (7), the director may apply, without notice to any other party, to a judge of the Superior Court of Justice for directions or a determination in respect of the disposition of any money, asset or land that is affected by the order or the notice.  2006, c. 34, Sched. D, s. 51. Section Amendments with date in force (d/m/y) 2006, c. 34, Sched. D, s. 51 - 01/07/2012 2020, c. 36, Sched. 7, s. 314 - 01/03/2022