Section 24
Designation of payment instruments
of Act 627
ActRepealedProvision 24 of 73
Section 24
(1)
Where the Bank is of the opinion that—
(a)
a payment instrument may be of widespread use as a means of making payment and may affect the payment systems of Malaysia; and
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24 Laws of Malaysia Act 627
(b)
it is necessary to protect the interest of the public or it is necessary to maintain the integrity, efficiency and reliability of a payment instrument, the Bank may prescribe such payment instrument as a designated payment instrument.
(2)
Where a payment instrument is prescribed as a designated payment instrument, the issuer of that designated payment instrument shall comply with the requirements of subsection 25(1) within such period as the Bank may specify.