Bill C-8
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R.S., c. C-21
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Canadian Payments Association Act |
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217. The long title of the Canadian
Payments Association Act is replaced by the
following:
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An Act respecting the Canadian Payments
Association and the regulation of
systems and arrangements for the making
of payments
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218. Section 1 of the Act is replaced by the
following:
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Short title
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1. This Act may be cited as the Canadian
Payments Act.
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R.S., c. 18
(3rd Supp.),
s. 33(2)
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219. (1) The definitions ``federation of
cooperative credit societies'' or
``federation'' and ``Superintendent'' in
subsection 2(1) of the Act are repealed.
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(2) The definition ``Chairman'' in
subsection 2(1) of the English version of the
Act is repealed.
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(3) The definition ``payment item'' in
subsection 2(1) of the Act is replaced by the
following:
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``payment
item'' « instrument de paiement »
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``payment item'' means a bill of exchange
drawn on a member and includes any other
class of items approved by by-law;
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(4) Subsection 2(1) of the Act is amended
by adding the following in alphabetical
order:
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``cooperative
credit
association'' « association coopérative de crédit »
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``cooperative credit association'' means an
association to which the Cooperative Credit
Associations Act applies;
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``life
insurance
company'' « société d'assurance-v ie »
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``life insurance company'' means
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``money
market mutual
fund'' « fonds mutuel en instruments du marché monétaire »
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``money market mutual fund'' means a fund
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``qualified
corporation'' « société admissible »
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``qualified corporation'' means a body
corporate
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``qualified
trust'' « fiducie admissible »
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``qualified trust'' means an inter vivos trust
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``securities
dealer'' « courtier en valeurs mobilières »
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``securities dealer'' means a body corporate
that is registered or licensed under the laws
of a province to trade in securities, as agent
or for its own behalf;
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``trustee'' « fiduciaire »
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``trustee'', in respect of a qualified trust,
means a trustee that is a body corporate;
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``user'' « usager »
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``user'' means
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(5) Subsection 2(1) of the English version
of the Act is amended by adding the
following in alphabetical order:
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``Chairperson'
' « président »
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``Chairperson'' means the Chairperson of the
Board referred to in section 15;
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1991. c. 45,
s. 546(2)
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(6) Subsection 2(2) of the Act is replaced
by the following:
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Societies and
federations
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(2) For the purposes of Part 1, a local
cooperative credit society, a cooperative
credit association, a central cooperative credit
society or a federation of cooperative credit
societies is deemed not to be a loan company
or a trust company.
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Rule not
statutory
instrument
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(3) A rule is not a statutory instrument for
the purposes of the Statutory Instruments Act.
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220. The Act is amended by adding the
following after section 2:
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ACT BINDING ON HER MAJESTY |
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Her Majesty
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2.1 (1) This Act is binding on Her Majesty
in right of Canada.
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Her Majesty
in right of a
province
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(2) If Her Majesty in right of a province
becomes a member of the Association, this
Act is binding on Her Majesty in right of the
province.
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221. The heading before section 3 of the
Act is replaced by the following:
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PART 1 |
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CANADIAN PAYMENTS ASSOCIATION |
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Establishment and Membership |
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222. The heading before section 4 of the
Act is repealed.
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223. (1) Paragraph 4(1)(d) of the Act is
replaced by the following:
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(2) Subsections 4(2) to (4) of the Act are
replaced by the following:
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Entitled
members
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(2) Each of the following persons is entitled
to be a member of the Association if they meet
the requirements set out in the regulations and
the by-laws:
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(3) Paragraph 4(2)(b) of the Act, as
enacted by subsection (2), is repealed.
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(4) Subsection 4(6) of the Act is replaced
by the following:
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Termination
of
membership
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(6) A member, other than a member referred
to in paragraphs (1)(a) to (c), ceases being a
member of the Association three days after the
day on which the Board adopts a resolution, by
a majority of not less than two-thirds of the
votes cast by directors voting in respect of the
resolution, declaring that, in the opinion of the
Board, the member does not meet the
requirements set out in the regulations and the
by-laws.
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(5) Paragraph 4(7)(b) of the Act is
replaced by the following:
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224. Section 5 of the Act is replaced by the
following:
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Objects
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5. (1) The objects of the Association are to
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Duty of
Association
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(2) In pursuing its objects, the Association
shall promote the efficiency, safety and
soundness of its clearing and settlement
systems and take into account the interests of
users.
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225. The portion of subsection 6(1) of the
Act before paragraph (a) is replaced by the
following:
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Powers
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6. (1) The Association may, in carrying out
its objects,
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226. Section 8 of the Act is replaced by the
following:
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Composition
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8. There shall be a Board of Directors of the
Association consisting of sixteen persons
elected or appointed in accordance with
section 9.
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227. (1) Paragraph 9(1)(b) of the English
version of the Act is replaced by the
following:
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1993, c. 34,
s. 46(F);
1999, c. 28,
s. 112
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(2) Subsections 9(2) to (4) of the Act are
replaced by the following:
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Appointments
by Minister
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(1.1) The Minister shall appoint three
directors of the Association to hold office for
a term of not more than three years, except that
the first director appointed shall be appointed
to hold office for a term of three years, the
second shall be appointed to hold office for a
term of two years and the third shall be
appointed to hold office for a term of one year.
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Disqualifi- cations
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(1.2) No person is eligible to be appointed
under subsection (1.1) or, having been
appointed under that subsection, to continue
as a member of the Board who is
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Election by
members
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(2) Subject to subsection (3), twelve
directors of the Association shall be elected by
the members to hold office for a term of three
years, except that of those first elected four
shall be elected for a term of three years, four
for a term of two years and four for a term of
one year.
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Composition
of Board
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(3) For the purpose of election of directors,
the members, other than the Bank of Canada,
shall be grouped into seven classes, namely,
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Removal of
director
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(4) If a resolution passed by a two-thirds
majority of the members of a class described
in subsection (3) who are present at a special
meeting of members of that class called to
consider the resolution provides for the recall
of a director elected by that class, then, despite
subsection (2), that director ceases to be a
director of the Association at the time notice
of the resolution is given to the director or at
any other time that may be fixed by by-law.
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Remunera- tion of directors
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(5) A director appointed under subsection
(1.1) shall be paid by the Association such
remuneration as may be fixed by by-law.
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