(1) A designated public credit institution shall, as soon as practicable after becoming aware that it has contravened section 47 (1), (4), (5), (7) or (11) or any contractual undertaking referred to in section 32(14) or section 48 (2) or (3), take all possible steps to prevent the contravention from continuing or being repeated. Until those steps have been taken, the institution may not issue any further public credit covered securities.

(2) A designated public credit institution shall, as soon as practicable after becoming aware that it has failed to comply with section 47 (8) take all possible steps to comply with the subsection. Until those steps have been taken, the institution may not issue any further public credit covered securities.