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

Marginal note:Groups and Group Clearers Composition of group

• 28 (1) A group may consist of

  • (a) one or more locals, centrals or cooperative credit associations, or any combination of them, and the central or cooperative credit association to which they belong and which they have appointed to be the group clearer; or

  • (b) two or more members of the same class from the classes referred to in paragraph 9(3)(a), (c), (e) or (g) of the Canadian Payments Act that have appointed a member of the class to which they belong to be the group clearer.

• Marginal note:Central may act for locals

  (2) For greater certainty, if two or more locals belong to two centrals, one of which belongs to the other central, one of the centrals may appoint the other central to act as group clearer for itself and the locals.