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

Marginal note:Amalgamations

• 36 (1) If two members amalgamate, for a period of one year following the amalgamation,

  • (a) payment items, including those not giving rise to clearing through the ACSS, drawn on or payable by the member that ceases to exist, may continue to be exchanged; and

  • (b) in the case of an indirect clearer that ceases to exist, it may be represented at a regional exchange point, despite section 35, by more than one clearing agent for the payment items specified in the rules.

• Marginal note:Extension of period

  (2) The General Manager may extend the one-year period if the General Manager is of the opinion that it is necessary for the proper conduct of the business of the amalgamating members.