Canadian Payments Association By-law No. 1 — General (SOR/2017-1)

Marginal note:Bridge institution

6.1 A member that is a federal institution, as defined in section 2 of the Canada Deposit Insurance Corporation Act, and is designated as a bridge institution for another member by an order made under paragraph 39.13(1)(c) of that Act is deemed, as of the date and time specified in the order for it to assume that other member’s deposit liabilities, to have, as between itself and all of the other members except that other member for whom it has been designated as a bridge institution, acquired all of that other member’s rights under the by-laws and assumed all of that other member’s obligations to those other members under the by-laws, in respect of the exchange, clearing or settlement of payments.