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

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).