Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System
(a) payment items, including those not giving rise to clearing through the ACSS, drawn on or payable by the member that ceases to exist, may continue to be exchanged; and
(b) in the case of an indirect clearer that ceases to exist, it may be represented at a regional exchange point, despite section 35, by more than one clearing agent for the payment items specified in the rules.
Marginal note:Extension of period
(2) The General Manager may extend the one-year period if the General Manager is of the opinion that it is necessary for the proper conduct of the business of the amalgamating members.
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