Canadian Payments Act
19 (1) Subject to the by-laws, the Board may make such rules as it considers necessary for the attainment of the objects of the Association and, without limiting the generality of the foregoing, may make 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.
Marginal note:Power of Chairperson
(2) Where a question arises at a meeting of the Board or Executive Committee as to whether or not a proposed rule is in conformity with the by-laws, the Chairperson shall decide and the decision of the Chairperson is final.
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
- Date modified: