Section 30
of Act 627
ActRepealedProvision 30 of 73
Section 30
(1)
The Bank may at any time require an operator or issuer which is not a body corporate established by or under any written law to incorporate as a company under the Companies Act 1965
within such time as the Bank may specify and the operator or issuer shall not continue to operate the payment system or issue the payment instrument after the specified time unless he has complied with the Bank’s requirement.
(2)
The Bank may, upon the request of an operator or issuer, allow for an extension of time, with or without conditions, for the compliance with the requirements of subsection (1).
Payments Systems 27