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

Marginal note:Return by member in default

• 54 (1) A direct clearer or group clearer that is in default shall immediately return, in accordance with the rules, all the following payment items that it is able to return, including those not giving rise to clearing through the ACSS:

  • (a) payment items that are drawn on or payable by it;

  • (b) payment items that were received from indirect clearers for which it acts as clearing agent; and

  • (c) payment items that are drawn on or payable by any of the entities belonging to a group.

• Marginal note:Return by other members

  (2) Members that are not in default shall return, in accordance with the rules, all payment items that they are able to return that are drawn on or payable by the direct clearer or group clearer that is in default.