Section 22
of Act 627
ActRepealedProvision 22 of 73
Section 22
(1)
Where an operator of a designated payment system—
(a)
is insolvent or is likely to become insolvent;
(b)
has become or is likely to become unable to meet any or all of his obligations; or
(c)
has suspended payments or compounded with his creditors, such operator shall immediately notify the participants of the designated payment system.
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Payments Systems 23
(2)
Where a participant of a designated payment system—
(a)
is insolvent or is likely to become insolvent;
(b)
has become or is likely to become unable to meet any or all of his obligations; or
(c)
has suspended payments or compounded with his creditors, such participant shall immediately notify the operator who shall notify the other participants of the designated payment system.