Government of Canada / Gouvernement du Canada
Symbol of the Government of Canada

Search

Canadian Payments Act (R.S.C., 1985, c. C-21)

Full Document:  

Act current to 2019-08-28 and last amended on 2019-06-23. Previous Versions

PART 1Canadian Payments Association (continued)

Duties and Powers of Board (continued)

Marginal note:By-laws

  •  (1) The Board may make any by-laws that it considers advisable for the attainment of the objects of the Association, including by-laws

    • (a) providing for eligibility criteria for membership in the Stakeholder Advisory Council or the Member Advisory Council and their number of members;

    • (b) establishing, subject to this Part, requirements for membership in the Association;

    • (c) and (c.1) [Repealed, 2014, c. 39, s. 342]

    • (d) respecting the exchange and clearing of payment items and related matters;

    • (e) respecting settlements and related matters;

    • (f) respecting the payment of dues by the members and the payment of fees for services performed by or on behalf of the Association, and establishing the method of determining the amount of those dues and those fees;

    • (f.1) [Repealed, 2014, c. 39, s. 342]

    • (g) establishing penalties for any failure by members to comply with the by-laws, rules and orders made under the by-laws, except by-laws made under paragraph (k), including penalties that provide for the payment of interest or the making of restitution and procedures in respect of the imposition of those penalties;

    • (h) respecting the authenticity and integrity of payment items and messages;

    • (i) respecting the identification and authentication of members and other persons;

    • (j) limiting the liability of the Association, its members, its employees and other persons for any loss or damage suffered by a member as a result of anything done or omitted to be done in good faith in the administration or discharge of any powers or duties that under a by-law or a rule are intended or authorized to be exercised or performed; and

    • (k) respecting the internal administration of the business of the Association, including

      • (i) the procedures for all business that is conducted at meetings of the Board, the Board’s committees, the Stakeholder Advisory Council or the Member Advisory Council,

      • (ii) the remuneration of directors referred to in paragraph 8(1)(d) and of members of the Stakeholder Advisory Council, and

      • (iii) the procedures for the nomination, selection and appointment of persons to be members of the Stakeholder Advisory Council or the Member Advisory Council.

  • Marginal note:Approval

    (2) A by-law, except a by-law made under paragraph (1)(k), shall not come into force unless it is approved by the Minister and, once approved, copies of it must be sent by the President to every member.

  • Marginal note:Notice

    (3) The President shall notify the Minister of the making of a by-law under paragraph (1)(k) and shall send copies of the by-law to every member.

  • (4) [Repealed, 2014, c. 39, s. 342]

  • R.S., 1985, c. C-21, s. 18
  • 2001, c. 9, s. 233
  • 2007, c. 6, s. 429
  • 2012, c. 5, s. 208
  • 2014, c. 39, s. 342

Rules, Statements of Principle and Standards

Marginal note:Rules

  •  (1) Subject to the by-laws, the Board may make any rules that it considers advisable for the attainment of the objects of the Association, including rules

    • (a) respecting payment items acceptable for exchange, clearing or settlement;

    • (b) establishing standards and procedures in respect of the exchange and clearing of payment items;

    • (b.1) respecting the destruction of payment items;

    • (c) respecting settlements and related matters;

    • (d) respecting the authenticity and integrity of payment items and messages; and

    • (e) respecting the identification and authentication of members and other persons.

  • (2) [Repealed, 2014, c. 39, s. 344]

  • Marginal note:Rules to be available

    (3) The Association shall make a copy of every rule available to members in the manner determined by the President.

  • Marginal note:Copies of rules to be sent to Minister

    (4) A copy of every rule shall be sent to the Minister within ten days after it is made.

  • R.S., 1985, c. C-21, s. 19
  • 2001, c. 9, ss. 234, 245(E)
  • 2007, c. 6, s. 430
  • 2014, c. 39, s. 344

Marginal note:Statements of principle and standards

 Subject to the by-laws and rules, the Board may make any statements of principle and standards that it considers advisable for the attainment of the objects of the Association.

  • 2001, c. 9, s. 235
  • 2014, c. 39, s. 345

Disallowance

Marginal note:Effective date of rule

  •  (1) A rule, including an amendment to or a repeal of a rule, made under subsection 19(1) shall not come into force before the thirtieth day after a copy of it is sent to the Minister in accordance with subsection 19(4), but the Minister may declare the rule to be in force at any time before that period expires.

  • Marginal note:Extension of time

    (2) If the Minister is of the opinion that an extension of the period mentioned in subsection (1) is necessary to permit adequate review of a rule, the Minister may within 10 days after its receipt, on written notice to the sender of the rule, extend that period by up to 30 days.

  • Marginal note:Minister’s disallowance

    (3) The Minister may disallow the whole or a part of a rule.

  • 2001, c. 9, s. 235

Directives

Marginal note:Directives by Minister

  •  (1) If the Minister is of the opinion that it is in the public interest to do so, the Minister may issue a written directive to the Association, including a directive to make, amend or repeal a by-law, rule or standard.

  • Marginal note:Consultation

    (2) Before a directive is given to the Association, the Minister shall consult the Board, and may consult any interested party, with respect to the content and effect of the directive. If the directive relates to the operation of a clearing and settlement system designated under subsection 4(1) of the Payment Clearing and Settlement Act, the Minister shall also consult the Governor of the Bank of Canada.

  • Marginal note:Notification of implementation

    (3) As soon as is practicable after implementing a directive and completing any action required to be taken in connection with it, the Association shall notify the Minister that the directive has been implemented and the action completed.

  • Marginal note:Directive not statutory instrument

    (4) A directive is not a statutory instrument for the purposes of the Statutory Instruments Act. However, it must be published in the Canada Gazette.

  • Marginal note:Implementation

    (5) The Board shall ensure that a directive is implemented in a prompt and efficient manner.

  • Marginal note:Duty to comply

    (6) Every director, officer and employee of the Association shall comply with any directive given to the Association.

  • 2001, c. 9, s. 235
  • 2014, c. 39, s. 346

Information Requirements

Marginal note:Request by Minister

 For the purpose of the administration of this Part, the Association shall provide the Minister with such information and documents as the Minister may from time to time request.

  • 2001, c. 9, s. 235

Marginal note:Notice of developments

 The President shall, as soon as feasible, notify the Minister of any financial or other developments that have or are likely to have a material adverse effect on the business of the Association.

  • 2014, c. 39, s. 347

Committees of the Board

Marginal note:Nominating committee

  •  (1) The Board shall establish a nominating committee to identify and propose qualified candidates for the election of directors.

  • Marginal note:Composition

    (2) The nominating committee shall consist of elected directors, a majority of whom shall be directors referred to in paragraph 8(1)(d).

  • Marginal note:Representative character

    (3) When the nominating committee is identifying qualified candidates for the election of directors referred to in paragraph 8(1)(c), it shall endeavour to identify candidates that are broadly representative of the diversity of the membership of the Association.

  • R.S., 1985, c. C-21, s. 20
  • 2001, c. 9, ss. 237(E), 245(E)
  • 2007, c. 6, s. 431(F)
  • 2014, c. 39, s. 347
 
Date modified: