Canadian Payments Act

Marginal note:Rules

• 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.