Section 49

the approval of any regulatory body is required to implement the proposal; or

the approval of any regulatory body is required to implement any proposed modifications to the proposal, and approval conditions are imposed by such regulatory body, the

Corporation may, notwithstanding that the secured creditors of the affected person have agreed to the proposal under section 46 or 48, direct the Special Administrator to abandon the proposal or otherwise discontinue the implementation of the proposal if the Corporation thinks that such approval conditions are not in the interest of the affected person.

The decision of the Corporation under subsection (1) shall be binding on the affected person, all members and creditors of the affected person and any other person affected by the proposal, whether or not the person had knowledge or notice of the proposal.

Rejection or discontinuance of proposal