Canadian Payments Act

Marginal note:Definitions

• 2 (1) In this Act,

  Association

  Association means the Canadian Payments Association established by section 3; (Association)

  authorized foreign bank

  authorized foreign bank means a foreign bank in respect of which an order under subsection 524(1) of the Bank Act has been made but does not include a foreign bank that is subject to the restrictions and requirements referred to in subsection 524(2) of that Act; (banque étrangère autorisée)

  Board

  Board means the Board of Directors of the Association; (conseil)

  by-law

  by-law means a by-law of the Association; (règlement administratif)

  central cooperative credit society

  central cooperative credit society and central mean a cooperative credit society incorporated by or under an Act of the legislature of a province, one of whose principal purposes is to provide liquidity support to local cooperative credit societies, and

  • (a) whose membership consists wholly or primarily of local cooperative credit societies, or

  • (b) whose directors are wholly or primarily persons elected or appointed by local cooperative credit societies; (société coopérative de crédit centrale ou centrale)

  Chairman

  Chairman[Repealed, 2001, c. 9, s. 219]

  Chairperson

  Chairperson means the Chairperson of the Board referred to in section 15; (président du conseil)

  cooperative credit association

  cooperative credit association means an association to which the Cooperative Credit Associations Act applies; (association coopérative de crédit)

  Executive Committee

  Executive Committee[Repealed, 2014, c. 39, s. 334]

  federation of cooperative credit societies

  federation of cooperative credit societies or federation[Repealed, 2001, c. 9, s. 219]

  General Manager

  General Manager[Repealed, 2007, c. 6, s. 422]

  Inspector

  Inspector[Repealed, R.S., 1985, c. 18 (3rd Supp.), s. 33]

  life insurance company

  life insurance company means

  • (a) a life company within the meaning of subsection 2(1) of the Insurance Companies Act,

  • (b) a foreign life company within the meaning of section 571 of that Act, acting in respect of its insurance business in Canada, or

  • (c) a body corporate that carries on under a constating instrument issued under an Act of the legislature of a province a business substantially similar to the business of a life company referred to in paragraph (a); (société d’assurance-vie)

  loan company

  loan company means a corporation that accepts deposits transferable by order and that

  • (a) is a company to which the Trust and Loan Companies Act applies and that is not a trust company pursuant to subsection 57(2) of that Act, or

  • (b) carries on, under an Act of the legislature of a province or a constating instrument issued under provincial jurisdiction, a business substantially similar to the business of a company referred to in paragraph (a); (société de prêt)

  local cooperative credit society

  local cooperative credit society and local mean a cooperative credit society incorporated by or under an Act of the legislature of a province

  • (a) whose members consist substantially of individuals, and

  • (b) whose principal purpose is to receive deposits from, and make loans to, its members; (société coopérative de crédit locale)

  member

  member means any of those persons who are members of the Association pursuant to section 4; (membre)

  Minister

  Minister means the Minister of Finance; (ministre)

  money market mutual fund

  money market mutual fund means a fund

  • (a) the assets of which are fully or principally invested in short-term and highly liquid debt securities, and

  • (b) that satisfies conditions prescribed by regulation; (fonds mutuel en instruments du marché monétaire)

  payment item

  payment item means an item within a class of items prescribed by by-law; (instrument de paiement)

  President

  President means the President of the Association appointed under section 16; (président)

  qualified corporation

  qualified corporation means a body corporate

  • (a) that has issued shares to the public under a prospectus, filed in accordance with the laws of the province in which the shares were issued, having conditions attached to the shares requiring the body corporate to accept the surrender of any fully-paid shares, or fractions or portions of the shares,

    • (i) at the demand of their holder, and

    • (ii) at prices determined and payable in accordance with specified conditions,

  • (b) whose shares referred to in paragraph (a) have a fair market value, determined without regard to any voting rights attached to the shares, that is not less than 95% of the fair market value of all of the issued shares of the capital stock of the body corporate, and

  • (c) having assets that constitute a money market mutual fund; (société admissible)

  qualified trust

  qualified trust means an inter vivos trust

  • (a) in which the interest of its beneficiaries is described by reference to units of the trust that have been issued to the public under a prospectus, filed in accordance with the laws of the province in which the units were issued, having conditions attached to the units requiring the trustee to accept the surrender of any fully-paid units, or fractions or portions of the units,

    • (i) at the demand of their holder, and

    • (ii) at prices determined and payable in accordance with specified conditions,

  • (b) whose units referred to in paragraph (a) have a fair market value, determined without regard to any voting rights attached to the units, that is not less than 95% of the fair market value of all of the issued units of the trust, and

  • (c) whose assets constitute a money market mutual fund; (fiducie admissible)

  rule

  rule means a rule of the Association; (règle)

  securities dealer

  securities dealer means a body corporate that is registered or licensed under the laws of a province to trade in securities, as agent or for its own behalf; (courtier en valeurs mobilières)

  Superintendent

  Superintendent[Repealed, 2001, c. 9, s. 219]

  trust company

  trust company means a corporation that accepts deposits transferable by order and that

  • (a) is a company to which the Trust and Loan Companies Act applies and that is a trust company pursuant to subsection 57(2) of that Act, or

  • (b) carries on, under an Act of the legislature of a province or a constating instrument issued under provincial jurisdiction, a business substantially similar to the business of a company referred to in paragraph (a); (société de fiducie)

  trustee

  trustee, in respect of a qualified trust, means a trustee that is a body corporate; (fiduciaire)

  user

  user means

  • (a) in Part 1, a person who is a user of payment services but is not a member, and

  • (b) in Part 2, a person who is a user of services provided by a participant of a payment system but is not a participant in the system. (usager)

• Marginal note:Societies and federations

  (2) For the purposes of Part 1, a local cooperative credit society, a cooperative credit association, a central cooperative credit society or a federation of cooperative credit societies is deemed not to be a loan company or a trust company.

• Marginal note:Not statutory instrument

  (3) Rules, statements of principle and standards made by the Board and orders made under a by-law are not statutory instruments for the purposes of the Statutory Instruments Act.