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

Marginal note:Suspension of exchanges

• 46 (1) If it becomes impractical to exchange any class of payment items at a particular regional exchange point on any given day, the General Manager may, after consulting the direct clearers, group clearers and the Bank of Canada, suspend the exchange of the class of payment items or of all payment items for the regional exchange point for the current ACSS cycle.

• Marginal note:Measures

  (2) Immediately on suspension, the General Manager may, after consulting the direct clearers, group clearers and the Bank of Canada, take any measures that may be necessary in the circumstances.

• Marginal note:Notification of measures taken

  (3) The General Manager shall notify the direct clearers, group clearers and the Bank of Canada of the measures taken.