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

Version of section 38 from 2006-03-22 to 2010-02-28:

Marginal note:30 days notice

  •  (1) A clearing agent shall give at least 30 days notice to an indirect clearer and to the General Manager prior to ceasing to act as clearing agent for the indirect clearer.

  • Marginal note:Obligation of General Manager

    (2) The General Manager shall inform the direct clearers and group clearers of the notice in accordance with the rules.

  • Marginal note:Exception

    (3) Despite subsection (1), the clearing agent shall not cease acting for an indirect clearer if another clearing agent is designated to act for the indirect clearer until the other clearing agent has started acting for the indirect clearer.

  • Marginal note:Status revoked

    (4) Despite subsections (1) and (3), a clearing agent shall cease to act without delay if its status is revoked.

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