Canadian Payments Act
18 (1) The Board may make such by-laws as it considers necessary for the attainment of the objects of the Association and in particular, but without limiting the generality of the foregoing, may make by-laws
(a) respecting the procedure in all business at meetings of the Board, or its committees;
(b) establishing, subject to this Part, requirements for membership in the Association;
(c) for the administration and management of the business of the Association;
(c.1) respecting the remuneration of directors appointed under subsection 9(1.1);
(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 establishing the method of determining the amount of those dues;
(f.1) respecting the payment of fees for services performed by or on behalf of the Association and establishing the method of determining the amount of those fees;
(g) establishing penalties for any failure by members to comply with the by-laws, rules and orders made under the by-laws, 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 nomination, selection and appointment of persons to be members of the Stakeholder Advisory Council.
(2) Subject to subsections (3) and (4), a by-law is not effective until approved by the Minister and when so approved must be published in the Canada Gazette and copies of the by-law must be sent to every member by the President.
Marginal note:Approval of by-laws establishing penalties
(3) A by-law establishing a penalty shall not be submitted to the Minister for approval until it has been submitted for approval to the members and approved by them at a meeting of members.
Marginal note:Voting on by-law establishing penalty
(4) Every member is entitled, on a resolution to approve a by-law establishing a penalty, to one vote for each dollar that the member is required to contribute as dues under the by-laws.
- R.S., 1985, c. C-21, s. 18
- 2001, c. 9, s. 233
- 2007, c. 6, s. 429
- 2012, c. 5, s. 208
- Date modified: