Canadian Payments Association By-law No. 2 — Finance (SOR/2016-283)

Marginal note:Determination of amount

• 5 (1) For each fiscal year, each member must pay dues in respect of the common services costs, in an amount determined in accordance with the formula

  A/B

  where

  A

  is the amount estimated to be the costs, for the Association, of providing the services that are of equal benefit to all of the members, as determined by the Board in the previous fiscal year; and

  B

  is the estimated number of members on the first day of the fiscal year, as determined by the Board in the previous fiscal year.

• Marginal note:Timeline and notice

  (2) The Board must, no later than the day that is eight months before the first day of a fiscal year,

  • (a) determine the common services dues payable for the fiscal year under subsection (1); and

  • (b) inform members of the amount of those dues and explain how they were determined.

• Marginal note:Surplus

  (3) If, after the end of a fiscal year, the total amount of common services dues collected is greater than the actual costs, for the Association, of providing the services that are of equal benefit to all of the members, the Board may allocate the surplus to a research and development reserve fund, subject to a maximum amount established for the fiscal year by the Board.