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

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Act current to 2019-05-22 and last amended on 2017-12-31. Previous Versions

PART 1Canadian Payments Association (continued)

Committees of the Board (continued)

Marginal note:Other committees

 The Board may, subject to the regulations, establish other committees consisting of such persons as the Board considers appropriate.

  • R.S., 1985, c. C-21, s. 21
  • 2001, c. 9, s. 238

Marginal note:Powers and duties

 Subject to the by-laws, the Board may delegate to its committees such powers and duties as the Board considers appropriate.

  • 2001, c. 9, s. 238

Stakeholder Advisory Council

Marginal note:Stakeholder Advisory Council

  •  (1) There shall be a Stakeholder Advisory Council consisting of not more than twenty persons appointed in accordance with subsections (3) and (4).

  • Marginal note:Object

    (2) The object of the Council is to provide counsel and advice to the Board on payment and clearing and settlement matters and any other matter relating to the objects of the Association.

  • Marginal note:Appointment of directors

    (3) The Board shall appoint up to two elected directors to be members of the Council.

  • Marginal note:Appointment of other members

    (4) The remaining members shall be appointed by the Board, in consultation with the Minister, for a term of not more than three years, except that as far as possible one third of the first members shall be appointed for a term of three years, one third shall be appointed for a term of two years and one third shall be appointed for a term of one year.

  • Marginal note:Representative character

    (5) The Council shall be broadly representative of users and payment service providers.

  • Marginal note:Chairperson and vice-chairperson

    (6) The members of the Council shall elect a chairperson and a vice-chairperson of the Council from among the members of the Council for a term of not more than two years.

  • Marginal note:Remuneration

    (7) The members of the Council shall serve without remuneration but may be paid by the Association any reasonable travel and living expenses incurred by them when engaged on the business of the Council while absent from their ordinary places of residence.

  • 2001, c. 9, s. 238
  • 2007, c. 6, s. 432(F)
  • 2014, c. 39, s. 349

Marginal note:Report of Council

 The Chairperson of the Stakeholder Advisory Council shall, as soon as feasible after the end of each fiscal year, submit a report on its activities in that fiscal year to the Board.

  • 2014, c. 39, s. 350

Member Advisory Council

Marginal note:Member Advisory Council

  •  (1) There shall be a Member Advisory Council consisting of persons appointed by the Board.

  • Marginal note:Object

    (2) The object of the Council is to provide counsel and advice to the Board on the Association’s operation of clearing and settlement systems, the interaction of those systems with other systems involved in the exchange, clearing or settlement of payments and the development of new technologies.

  • Marginal note:Representative character

    (3) The Council shall be broadly representative of the diversity of the membership of the Association.

  • 2014, c. 39, s. 350

Budgets

Marginal note:Budgets

  •  (1) In each year, the Board shall cause an operating budget and a budget setting out proposed capital expenditures of the Association to be prepared.

  • Marginal note:Consultation

    (2) The Board shall consult the members before establishing the operating budget and capital expenditures budget.

  • R.S., 1985, c. C-21, s. 22
  • 2014, c. 39, s. 351

Corporate Plan and Annual Report

Marginal note:Corporate plan

  •  (1) In each year, the Board shall, within the time prescribed by the regulations, submit to the Minister for approval a five-year corporate plan for the Association.

  • Marginal note:Contents of corporate plan

    (2) The corporate plan shall include

    • (a) the Association’s objectives;

    • (b) the strategies that the Association intends to use to achieve its objectives, including operational, financial and human resource strategies;

    • (c) the Association’s expected performance over the five-year period;

    • (d) the Association’s operating and capital expenditures budgets;

    • (e) any material changes that have occurred in respect of information provided in the previous corporate plan; and

    • (f) any other information that the Minister may require.

  • R.S., 1985, c. C-21, s. 23
  • 2014, c. 39, s. 351

Marginal note:Annual report

  •  (1) The Board shall, within the time prescribed by the regulations, prepare a report on the Association’s operations for each fiscal year and the Association shall publish it on its Internet site.

  • Marginal note:Contents

    (2) The report shall include

    • (a) the financial statements of the Association and the report of the auditor;

    • (b) an evaluation of the Association’s performance with respect to the objectives established in the corporate plan;

    • (c) the annual report of the Stakeholder Advisory Council; and

    • (d) a statement of the Association’s priorities for the following fiscal year.

  • R.S., 1985, c. C-21, s. 24
  • 2007, c. 6, s. 433(F)
  • 2014, c. 39, s. 351

Annual Meeting

Marginal note:Annual meeting

 The Board shall call an annual meeting of members not later than six months after the end of each fiscal year of the Association for the purpose of

  • (a) receiving the financial statements of the Association for the preceding fiscal year and the report of the auditor respecting those statements;

  • (b) electing directors; and

  • (c) considering any other matter respecting the operations of the Association.

  • R.S., 1985, c. C-21, s. 25
  • 2014, c. 39, s. 352

Auditor

Marginal note:Appointment of auditor

  •  (1) The members of the Association shall, at each annual meeting, appoint an auditor to hold office until the close of the next annual meeting.

  • Marginal note:Remuneration

    (2) The remuneration of the auditor may be fixed by resolution at the annual meeting of members. However, if the remuneration of the auditor is not fixed at the annual meeting, the Board may do so.

  • (3) [Repealed, 2014, c. 39, s. 353]

  • R.S., 1985, c. C-21, s. 26
  • 2014, c. 39, s. 353

Fiscal Year

Marginal note:Fiscal year

 The fiscal year of the Association is the calendar year.

  • R.S., 1985, c. C-21, s. 27
  • 2001, c. 9, s. 239

Electronic Meetings

Marginal note:Electronic meetings

  •  (1) Subject to the by-laws, a meeting of the Board or of a committee of the Board, a meeting of the members or a meeting of the Stakeholder Advisory Council or Member Advisory Council may be held by means of any telephonic, electronic or other communications facilities that permit all persons participating in the meeting to communicate adequately with each other during the meeting.

  • Marginal note:Deemed present

    (2) A person participating in a meeting by any means referred to in subsection (1) is deemed for the purposes of this Part to be present at the meeting.

  • (3) [Repealed, 2001, c. 9, s. 239]

  • R.S., 1985, c. C-21, s. 28
  • R.S., 1985, c. 18 (3rd Supp.), s. 34
  • 2001, c. 9, s. 239
  • 2014, c. 39, s. 354
 
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