Section 38

for the Bank to assume control of the whole of the property, business and affairs of the operator of a designated payment system, and carry on the whole of its business and affairs, or to assume control of such part of its property, business and affairs, and carry on such part of its business and affairs, as may be set out in the order, or for the Bank to appoint any person to do so on behalf of the Bank, and for the costs and expenses of the Bank, or the remuneration of the person so appointed, as the case may be, to be payable out of the funds and properties of the operator of the designated payment system as a first charge thereon;

whether or not an order has been made under paragraph (a), to authorize an application to be made by the Bank to the High Court to appoint a receiver or manager to manage the whole of the business, affairs and property of the operator of a designated payment system, or such part thereof as may be set out in the order, and for all such incidental, ancillary or consequential orders or directions of the High Court in relation to such appointment as may, in the opinion of the Bank, be necessary or expedient; or

whether or not an order has been made under paragraph (a) or (b), to authorize the Bank to present a petition to the High Court for the winding up of the operator of a designated payment system.

An order under subsection (1) or a directive of the Bank under section 37 may, from time to time, be modified, amended, altered, varied or replaced either prospectively, or where it is not impracticable or unjust to do so, retrospectively, by an order under subsection (1) or a further directive under section 37, as the case may be.

No order under subsection (1) or (2) or directive under section 37 shall be made unless the operator of a designated payment system in respect of which the order or directive is to be made, and in the case of a directive under paragraph 37(1)(aa), the director or chief executive officer of the operator of the designated payment system who is to be removed from office, has been given a reasonable opportunity of making representations against, or otherwise in respect of, the proposed order or directive.

Notwithstanding subsection (3), if in the opinion of the Bank any delay would be detrimental to the interests of the operator or participant of a designated payment system or creditors, or the public generally, an order under subsection (1) or (2) or directive under section 37 may be made first and the opportunity to make representations against or otherwise in respect of the order or directive shall, in such case, be given immediately after the order or directive has been made, and the order or directive may, in consequence of such representations, either be confirmed, or be modified, amended, altered, varied or replaced under subsection (2), or be revoked under subsection (5), subject to such conditions, if any, as the Bank thinks fit to impose.

An order of the Bank under subsection (1) or (2) or a directive of the Bank made under section 37, may at any time be revoked by an order or a directive similarly made by the Bank, as the case may be, and any such order or directive may contain all such provisions of an incidental, ancillary, or consequential nature, as may be deemed necessary or expedient by the Bank, as the case may be.

Where a receiver or manager has been appointed by the High Court under paragraph (1)(b), in respect of an operator of a designated payment system, all proper costs, charges and expenses, including the remuneration, of such receiver or manager shall be payable out of the assets of the operator of the designated payment system in priority to all other claims.

Effect of removal from office