Canadian Payments Association By-law No. 1 — General

Marginal note:Maximum number of members

• 18 (1) The Member Advisory Council must consist of no more than 20 members, of which number no more than two may be elected directors of the Association.

• Marginal note:Composition — criteria

  (2) The Council must include at least six members who are representative of direct participants, at least two members who are representative of group clearers and at least four members who are representative of indirect participants.

• Marginal note:Definitions

  (3) The following definitions apply in subsection (2).

  direct participant

  direct participant means

  • (a) a direct clearer as defined in section 1 of the Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System;

  • (b) a participant as defined in section 1 of the By-law No. 7 Respecting the Large Value Transfer System, except a group clearer; or

  • (c) a party to any clearing and settlement system, payment system or system or arrangement established or operated by the Association, except the ACSS as defined in section 1 of the Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System or the LVTS as defined in section 1 of the By-law No. 7 Respecting the Large Value Transfer System. (participant direct)

  group clearer

  group clearer means a group clearer as defined in section 1 of the Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System. (adhérent-correspondant de groupe) 

  indirect participant

  indirect participant means a member that, in the normal course of business, does not maintain a settlement account at the Bank of Canada. (participant indirect)