Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada


Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System

Version of section 26 from 2020-07-16 to 2024-06-19:

Marginal note:Direct Clearers Appointment

 Subject to section 32, the Board may, on completion by a member of the application procedures set out in the rules, appoint the member to act as a direct clearer if the member

  • (a) maintains a settlement account with the Bank of Canada;

  • (b) has established a loan facility with the Bank of Canada and has entered into any agreements that may be required by the Bank of Canada governing the settlement of the member’s clearing balance, the administration of the loan facility, the provision by the Bank of Canada of advances for ACSS purposes and the pledging of collateral to secure advances that may be made under the loan facility; and

  • (c) [Repealed, SOR/2020-167, s. 4]

  • (d) meets the technical, financial and other requirements set out in the rules.

  • SOR/2018-16, s. 2
  • SOR/2020-167, s. 4

Date modified: