Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System
Version of section 16 from 2012-08-17 to 2024-10-30:
Marginal note:Settlement account — indirect clearers
16 (1) Every indirect clearer shall maintain a settlement account with each of its clearing agents.
Marginal note:Loan facilities
(2) Every indirect clearer shall establish a loan facility with each of its clearing agents.
Marginal note:Settlement account and loan facility
(3) An indirect clearer may maintain a settlement account and establish a loan facility with a central that has been designated in accordance with subsection 33(2).
- SOR/2012-161, s. 6
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