Canadian Payments Act — C-21 2
 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 portions of the shares, (i) at the demand of their holder, and (ii) at prices determined and payable in accordance with specified conditions, (b) whose shares referred to in paragraph (a) have a fair market value, determined without regard to any voting rights attached to the shares, that is not less than 95% of the fair market value of all of the issued shares of the capital stock of the body corporate, and (c) having assets that constitute a money market mutual fund; ( société admissible ) qualified trust means an inter vivos trust (a) in which the interest of its beneficiaries is described by reference to units of the trust that have been issued to the public under a prospectus, filed in accordance with the laws of the province in which the units were issued, having conditions attached to the units requiring the trustee to accept the surrender of any fully-paid units, or fractions or portions of the units, (i) at the demand of their holder, and (ii) at prices determined and payable in accordance with specified conditions, (b) whose units referred to in paragraph (a) have a fair market value, determined without regard to any voting rights attached to the units, that is not less than 95% of the fair market value of all of the issued units of the trust, and (c) whose assets constitute a money market mutual fund; ( fiducie admissible ) rule means a rule of the Association; ( règle ) 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a province to trade in securities, as agent or for its own behalf; ( courtier en valeurs mobilières ) Superintendent [Repealed, 2001, c. 9, s. 219] trust company means a corporation that accepts deposits transferable by order and that (a) is a company to which the Trust and Loan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 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 fiducie ) trustee , in respect of a qualified trust, means a trustee that is a body corporate; ( fiduciaire ) user means (a) in Part 1, a person who is a user of payment services but is not a member, and (b) in Part 2, a person who is a user of services provided by a participant of a payment system but is not a participant in the system. ( usager ) Societies and federations (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. Not statutory instrument (3) Rules, statements of principle and standards made by the Board and orders made under a by-law are not statutory instruments for the purposes of the Statutory Instruments Act . R.S., 1985, c. C-21, s. 2; R.S., 1985, c. 18 (3rd Supp.), s. 33; 1991, c. 45, s. 546, c. 48, s. 488; 1999, c. 28, s. 110; 2001, c. 9, s. 219; 2007, c. 6, s. 422; 2014, c. 39, s. 334 2024, c. 15, s. 219