Document ID: chunk:federal_register_of_legislation:C2004A04760:body:0:p12
Version: federal_register_of_legislation:C2004A04760
Segment Type: other
Provision Reference: 
Character Range: 28010–31037

are readily ascertainable by the drawee non-bank financial institution from the request.

"(7) If the drawee non-bank financial institution makes a request, the drawee non-bank financial institution must exhibit the payment order or copy to itself at the place specified in the request.

"(8) If a payment order is presented for payment otherwise than by exhibiting it to the drawee non-bank financial institution, nothing in this section is taken to relieve the drawee non-bank financial institution from any liability to which the drawee non-bank financial institution would have been subject in relation to the payment order if it had been presented by being exhibited to the drawee non-bank financial institution.".

External presentment of payment orders by financial institutions—designated places and designated exhibition places

  28. Section 109 of the Principal Act is amended:

  (a) by inserting before subsection (1) the following subsection:

    "(1A) The object of this section is to identify the following for the purposes of the rules about external presentment of payment orders by financial institutions:

      (a) designated places;

      (b) designated exhibition places;

      (c) designated times;

      (d) designated means of communication.";

    (b) by omitting from subsection (1) "financial institution" and substituting "non-bank financial institution";

    (c) by omitting from paragraph (2)(a) "one or more" and substituting "either or both";

  (d) by omitting subparagraph (2)(a)(ii);

    (e) by omitting from paragraphs (2)(b) and (c) "financial institution" and substituting "non-bank financial institution";

  (f) by inserting after subsection (2) the following subsections:

      "(2A) If the notice specifies:

        (a) the payment orders in relation to which the place is to be a designated place for the purposes of subsection 106(1); and

        (b) 'exhibition' as the means, or one of a number of means, by which communications may be made to the non-bank financial institution at that place;

    the place is a designated exhibition place in relation to the payment orders for the purposes of that subsection.

      "(2B) If the notice specifies:

        (a) the payment orders in relation to which the place is to be a designated place for the purposes of subsection 106(9); and

        (b) 'exhibition' as the means, or one of a number of means, by which communications may be made to the non-bank financial institution at that place;

    the place is a designated exhibition place in relation to the payment orders for the purposes of that subsection.

    "(2C) A time is a designated time for the non-bank financial institution at a particular place if the time is covered by the specification of the days on which, and the hours during which, the non-bank financial institution will be open for business at that place.

     "(2D) A means of communication is a designated means of communication for the non-bank financial institution at a particular place