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

Marginal note:Settlement

50 Once the clearing balances have been established by the ACSS and corrected, if necessary, and if a direct clearer or group clearer is not in default within the meaning of section 53, the Bank of Canada shall effect settlement by making the appropriate debit or credit entry into each direct clearer’s or group clearer’s settlement account.