I-13.2.2 - Deposit Institutions and Deposit Protection Act

Full text
40.47. To enable a member of Payments Canada to act as a clearing agent on behalf of a deposit institution belonging to the cooperative group, or on behalf of the bridge institution, the Authority may, in accordance with the Canadian Payments Act (R.S.C. 1985, c. C-21) and Payments Canada’s rules and regulations, undertake to
(1)  unconditionally guarantee the deposit institution’s obligations to the clearing agent as clearing agent; or
(2)  ensure that the deposit institution’s obligations to the clearing agent as clearing agent are assumed by the bridge institution.
2018, c. 232018, c. 23, s. 376.