7. Where it has been confirmed with the applicable financial institution that a payment to be made by means of an electronic instruction for payment has not been credited by the payment date to the account designated by the payee, in accordance with the procedures set out in the agreement with the financial institution for such designation, a replacement payment may be issued to the payee in the same amount as the original payment if
(a) the electronic instruction for payment is revoked; and
(b) the amount already paid to the financial institution, if any, is recovered through chargeback or by other means.
COMING INTO FORCE
9. These Regulations come into force on February 23, 1998.
- Date modified: