Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System

Marginal note:Responsibility of group clearer

• 31 (1) The group clearer shall guarantee the payment of the payment items drawn on or payable by the group clearer or the entities belonging to the group for which it acts as group clearer.

• (2) The guarantee provided for in subsection (1) does not extend to payment items that may be returned in accordance with section 17, that are drawn on or payable by the group clearer or the entities belonging to the group for which it acts as group clearer.