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

Marginal note:Required approval

• 29 (1) An appointment referred to in section 28 is subject to the approval of the Board.

• Marginal note:Criteria for approval

  (2) The Board may approve the appointment if

  • (a) the appointed member complies with the requirements set out in paragraphs 26(a), (b) and (d); and

  • (b) [Repealed, SOR/2020-167, s. 5]

  • (c) in the case of a group referred to in paragraph 28(1)(b), the appointed member enters into contractual commitments with each of the entities belonging to the group that are necessary to ensure the ability of the member to satisfy its liability as group clearer.