Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System (SOR/2003-346)

Marginal note:Revocation of status

• 34 (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 President shall, as soon as practicable, notify all members of the revocation.