Canadian Payments Act

Marginal note:By-laws

• 18 (1) The Board may make such by-laws as it considers necessary for the attainment of the objects of the Association and in particular, but without limiting the generality of the foregoing, may make by-laws

  • (a) respecting the procedure in all business at meetings of the Board, or its committees;

  • (b) establishing, subject to this Part, requirements for membership in the Association;

  • (c) for the administration and management of the business of the Association;

  • (c.1) respecting the remuneration of directors appointed under subsection 9(1.1);

  • (d) respecting the exchange and clearing of payment items and related matters;

  • (e) respecting settlements and related matters;

  • (f) respecting the payment of dues by the members and establishing the method of determining the amount of those dues;

  • (f.1) respecting the payment of fees for services performed by or on behalf of the Association and establishing the method of determining the amount of those fees;

  • (g) establishing penalties to be paid by members for failure to comply with the by-laws and rules, and procedures in respect of the imposition of penalties;

  • (h) respecting the authenticity and integrity of payment items and messages; and

  • (i) respecting the identification and authentication of members and other persons.

• Marginal note:Approval

  (2) Subject to subsections (3) and (4), a by-law is not effective until approved by the Governor in Council and when so approved shall be published in the Canada Gazette and copies of the by-law shall be sent to every member by the General Manager.

• Marginal note:Approval of by-laws establishing penalties

  (3) A by-law establishing a penalty shall not be submitted to the Governor in Council for approval until it has been submitted for approval to the members and approved by them at a meeting of members.

• Marginal note:Voting on by-law establishing penalty

  (4) Every member is entitled, on a resolution to approve a by-law establishing a penalty, to one vote for each dollar that the member is required to contribute as dues under the by-laws.