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

Version of section 34 from 2006-03-22 to 2010-02-28:

Marginal note:Revocation of status

  •  (1) The Board may revoke the clearing agent status of a direct clearer or group clearer that no longer meets the requirements set out in the rules.

  • Marginal note:Automatic revocation

    (2) If a member’s status as direct clearer or group clearer is revoked, its status as clearing agent is also revoked.

  • Marginal note:Notification of revocation

    (3) The General Manager shall, as soon as practicable, notify all members of the revocation.

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