Canadian Payments Association By-law No. 6 — Compliance

Marginal note:Time limit

• 22 (1) Any amount to be paid by a member under subsection 16(1) or section 17 is due and payable within 30 days after the day on which the compliance report is given to the member.

• Marginal note:Penalty

  (2) If a member does not pay the amount within the 30-day period, the member shall pay a penalty calculated in accordance with subsection (3).

• Marginal note:Calculations

  (3) The penalty is equal to an amount calculated in accordance with the formula

  A × B × C

  where

  A

  is the amount to be paid under subsection (1);

  B

  is the weighted average of the minimum interest rate that the Bank of Canada is prepared to charge in respect of an advance, as made public in accordance with the Bank of Canada Act, converted to a daily rate that is based on 365 days, for the period beginning on the day on which the compliance report is given to the member and ending on the day on which the amount referred to in the description of A is paid (in this subsection referred to as the penalty period); and

  C

  is the number of days in the penalty period.

• Marginal note:Amount owing added to membership dues

  (4) Any amount to be paid by the member that is not paid within the 30-day period, together with the penalty calculated under subsection (3), shall be added to the following year’s annual dues of that member.