Regulations Governing the Business of Negotiable Instruments Exchange and Clearance of Accounts among Banks Article 11

A clearing entity shall open a deposit account with the Bank or a correspondent bank of the Bank. Payable or receivable clearing balances of the clearing entity shall be paid or collected through the aforementioned account.Where there is a necessity fora clearing entity that has not opened a deposit account with the Bank to pay or collect payable or receivable clearing balances through the Bank, the clearing entity shall first apply to the clearinghouse for permission to transact the payments or collections through another clearing entity's deposit account with the Bank. The clearinghouse shall report the same to the Bank for record.