BAIL-IN UNDER SECTION 52

52 (1) Notwithstanding anything in Section 49, the corporation may, in consultation with the appropriate regulator, if it is satisfied that it necessary to bail-in a specified service provider to absorb the losses incurred, or reasonably expected to be incurred, by the specified service provider and to provide a measure of capital so as to enable it to carry on business for a reasonable period and maintain market confidence, take an action under this Section by a bailin instrument or a scheme to be made under Section 48.

(2) The bail-in instrument or scheme referred to in subsection (1) shall be in such form and manner as may be specified by regulations made by the corporation, and contain: (a) a bail-in provision; or (b) a provision for the purposes of or in connection with any bail-in provision made by that instrument or by another instrument.

(3) Subject to sub-section (5), a bail-in provision means any or a combination of the following, namely:(a) a provision cancelling a liability owed by a specified service provider; (b) a provision modifying or changing the form of a liability owed by a specified service provider; and (c) a provision that a contract or agreement under which a specified service provider has a liability shall have effect as if a specified right had been exercised under it.