Canadian Payments Act (R.S.C., 1985, c. C-21)

AMENDMENTS NOT IN FORCE

• — 2024, c. 15, s. 219

  • • 219 (1) Paragraph (b) of the definition central cooperative credit society and central in subsection 2(1) of the English version of the Canadian Payments Act is replaced by the following:

      • (b) whose directors are wholly or primarily individuals elected or appointed by local cooperative credit societies; (société coopérative de crédit centrale ou centrale)

    • (2) Subsection 2(1) of the Act is amended by adding the following in alphabetical order:

      entity

      entity includes a corporation, trust, partnership, fund, agency and unincorporated association or organization; (entité)

      person

      person includes an entity; (personne)

• — 2024, c. 15, s. 220

  • • 220 (1) Paragraph 4(2)(a) of the Act is replaced by the following:

      • (a) a central, a trust company, a loan company, a local and any other person that accepts deposits transferable by order;

      • (b) a clearing house, as defined in section 2 of the Payment Clearing and Settlement Act, of a clearing and settlement system designated under subsection 4(1) of that Act;

    • (2) Subsection 4(2) of the Act is amended by striking out “and” at the end of paragraph (g), by adding “and” at the end of paragraph (h) and by adding the following after paragraph (h):

      • (i) a payment service provider, as defined in section 2 of the Retail Payment Activities Act, that performs retail payment activities, as defined in that section.

• — 2024, c. 15, s. 221

  • 221 The portion of subsection 9(1) of the English version of the Act before paragraph (a) is replaced by the following:

    • Ineligibility

      • 9 (1) No individual is eligible to be a director if they are

• — 2024, c. 15, s. 222

  • • 222 (1) Subparagraph 18(1)(k)(ii) of the Act is replaced by the following:

      • (ii) the remuneration of directors referred to in paragraph 8(1)(d) and of individuals referred to in subsection 21.2(7),

    • (2) Subparagraph 18(1)(k)(iii) of the English version of the Act is replaced by the following:

      • (iii) the procedures for the nomination, selection and appointment of individuals to be members of the Stakeholder Advisory Council or the Member Advisory Council.

• — 2024, c. 15, s. 223

  • 223 Subsection 20(1) of the French version of the Act is replaced by the following:

    • Comité de nomination

      • 20 (1) Le conseil constitue un comité de nomination chargé de désigner des candidats compétents et de proposer leur candidature à l’élection d’administrateurs.

• — 2024, c. 15, s. 224

  • 224 Section 21 of the Act is replaced by the following:

    • Other committees

      21 The Board may, subject to the regulations, establish other committees consisting of such individuals as the Board considers appropriate.

• — 2024, c. 15, s. 225

  • • 225 (1) Subsection 21.2(1) of the Act is replaced by the following:

      • Stakeholder Advisory Council

        • 21.2 (1) There shall be a Stakeholder Advisory Council consisting of individuals who are independent of the Association and of its members and are appointed by the Board in consultation with the Minister.

    • (2) Subsection 21.2(5) of the Act is replaced by the following:

      • Representative character

        (5) The Council shall be broadly representative of users and payment service providers that are not members of the Association.

    • (3) The portion of subsection 21.2(7) of the Act before paragraph (a) is replaced by the following:

      • Remuneration

        (7) The Association may pay the remuneration that is fixed by by-law to the following individuals:

    • (4) Paragraph 21.2(7)(b) of the Act is replaced by the following:

      • (b) any individual who represents the interests of such a member or who is represented by such a member.

• — 2024, c. 15, s. 226

  • 226 Subsection 21.4(1) of the Act is replaced by the following:

    • Member Advisory Council

      • 21.4 (1) There shall be a Member Advisory Council consisting of individuals appointed by the Board.

• — 2024, c. 15, s. 227

  • 227 Paragraph 35(1)(b) of the English version of the Act is replaced by the following:

    • (b) respecting the election of directors of the Association, including the eligibility of individuals to be elected as directors, and defining independent for the purposes of paragraph 8(1)(d);

• — 2024, c. 15, s. 228

  • 228 Paragraph 40(1)(a) of the English version of the Act is replaced by the following:

    • (a) the conditions an entity must meet to become a participant in the designated payment system;