Canadian Payments Act — C-21 2
Definitions 2 (1) In this Act, Association means the Canadian Payments Association established by section 3; ( Association ) authorized foreign bank means a foreign bank in respect of which an order under subsection 524(1) of the Bank Act has been made but does not include a foreign bank that is subject to the restrictions and requirements referred to in subsection 524(2) of that Act; ( banque étrangère autorisée ) Board means the Board of Directors of the Association; ( conseil ) by-law means a by-law of the Association; ( règlement administratif ) central cooperative credit society and central mean a cooperative credit society incorporated by or under an Act of the legislature of a province, one of whose principal purposes is to provide liquidity support to local cooperative credit societies, and (a) whose membership consists wholly or primarily of local cooperative credit societies, or (b) whose directors are wholly or primarily individuals elected or appointed by local cooperative credit societies; ( société coopérative de crédit centrale ou centrale ) Chairman [Repealed, 2001, c. 9, s. 219] Chairperson means the Chairperson of the Board referred to in section 15; ( président du conseil ) cooperative credit association means an association to which the Cooperative Credit Associations Act applies; ( association coopérative de crédit ) entity includes a corporation, trust, partnership, fund, agency and unincorporated association or organization; ( entité ) Executive Committee [Repealed, 2014, c. 39, s. 334] federation of cooperative credit societies or federation [Repealed, 2001, c. 9, s. 219] General Manager [Repealed, 2007, c. 6, s. 422] Inspector [Repealed, R.S., 1985, c. 18 (3rd Supp.), s. 33] life insurance company means (a) a life company within the meaning of subsection 2(1) of the Insurance Companies Act , (b) a foreign life company within the meaning of section 571 of that Act, acting in respect of its insurance business in Canada, or (c) a body corporate that carries on under a constating instrument issued under an Act of the legislature of a province a business substantially similar to the business of a life company referred to in paragraph (a); ( société d’assurance-vie ) loan company means a corporation that accepts deposits transferable by order and that (a) is a company to which the Trust and Loan Companies Act applies and that is not a trust company pursuant to subsection 57(2) of that Act, or (b) carries on, under an Act of the legislature of a province or a constating instrument issued under provincial jurisdiction, a business substantially similar to the business of a company referred to in paragraph (a); ( société de prêt ) local cooperative credit society and local mean a cooperative credit society incorporated by or under an Act of the legislature of a province (a) whose members consist substantially of individuals, and (b) whose principal purpose is to receive deposits from, and make loans to, its members; ( société coopérative de crédit locale ) member means any of those persons who are members of the Association pursuant to section 4; ( membre ) Minister means the Minister of Finance; ( ministre ) money market mutual fund means a fund (a) the assets of which are fully or principally invested in short-term and highly liquid debt securities, and (b) that satisfies conditions prescribed by regulation; ( fonds mutuel en instruments du marché monétaire ) payment item means an item within a class of items prescribed by by-law; ( instrument de paiement ) person includes an entity; ( personne ) President means the President of the Association appointed under section 16; ( président ) qualified corporation means a body corporate (a) that has issued shares to the public under a prospectus, filed in accordance with the laws of the province in which the shares were issued, having conditions attached to the shares requiring the body corporate to accept the surrender of any fully-paid shares, or fractions or porti