By-law No. 7 Respecting the Large Value Transfer System

13 Any member may, on completion of any application procedures that may be set out in the rules, become a participant in the LVTS if that member

• (a) has established and maintains a settlement account at the Bank of Canada and has entered into any agreements that may be required by the Bank of Canada governing the settlement of its multilateral net position, the provision by the Bank of Canada of advances for LVTS purposes and the pledging of collateral to secure those advances and any other agreements that the Bank of Canada may require from time to time;

• (b) has met any technical and other requirements that may be set out in the rules; and

• (c) has paid

  • (i) an admission fee calculated in accordance with the rules, which admission fee shall be based on the administrative costs related to its admission as a new participant, and

  • (ii) to the extent that the member, as a new participant, did not participate in the financing of the development costs (including the costs of upgrades), a reasonable share, calculated in accordance with By-law No. 2, of the unamortized portion of those development costs plus interest as at the date of its becoming a participant.