Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System (SOR/2003-346)

Marginal note:Reimbursement with interest

57.02 A direct clearer or group clearer shall reimburse each direct clearer, group clearer, or the Bank of Canada for any amount received as a contribution under subsection 57(2) or 57.01(2), plus interest at the rate specified in the rules, and those amounts constitute a debt that survives irrespective of the status of the defaulting direct clearer or group clearer.

Marginal note:Prohibition — entries into ACSS

57.1 A direct clearer or group clearer that is in default shall not make entries into the ACSS unless the direct clearer or group clearer or its assets are under the control or ownership of a federal or provincial regulator or supervisory body or any agent of Her Majesty in right of Canada or agent or mandatary of Her Majesty in right of a province.

Default of Indirect Clearer

Marginal note:Default of indirect clearer

58 An indirect clearer is in default in respect of its clearing agent for the purposes of this By-law if

• (a) the settlement account of the indirect clearer with its clearing agent has a shortfall that would preclude settlement; and

• (b) the indirect clearer does not obtain an advance sufficient for settlement.

59 [Repealed, SOR/2016-284, s. 2]

60 [Repealed, SOR/2012-161, s. 13]

61 [Repealed, SOR/2012-161, s. 13]

62 [Repealed, SOR/2012-161, s. 13]

Repeal

Marginal note:Repeal

63 [Repeal]

Coming into Force

Marginal note:Coming into force

64 This By-law comes into force on the day on which it is registered.