Payment Clearing and Settlement Act (S.C. 1996, c. 6, Sch.)

RELATED PROVISIONS

• — 2007, c. 29, s. 120

  • Payment Clearing and Settlement Act

    120 An amendment to the Payment Clearing and Settlement Act made by any of sections 110 to 112 of this Act applies only to a party to a netting agreement who, on or after the day on which the amendment comes into force,

    • (a) is a person described in any of paragraphs 117(a) to (d);

    • (b) is a person described in section 118;

    • (c) is a person in respect of whom proceedings have been commenced under the Companies’ Creditors Arrangement Act;

    • (d) is a person in respect of whom winding up proceedings have been commenced under the Winding-up and Restructuring Act; or

    • (e) is a person subject to an order of a court made pursuant to an administration of a reorganization, arrangement or receivership involving insolvency.