Government of Canada / Gouvernement du Canada
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Canadian Payments Association By-law No. 3 — Payment Items and Automated Clearing Settlement System

Version of section 36 from 2006-03-22 to 2010-02-28:

Marginal note:Amalgamations

  •  (1) If two members amalgamate, for a period of one year following the amalgamation,

    • (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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