279. Application of *Companies Act 1965

Where an authorized person, operator of a designated payment system or a person prescribed as a prescribed Islamic financial institution under section 223 is a corporation to which all or any of the provisions of the *Companies Act 1965 apply, such provisions shall be in addition to the provisions of this Act and not in derogation thereof, but where there is any conflict or inconsistency between the provisions of the *Companies Act 1965 and this Act in their respective application to the person or operator, the provisions of this Act shall prevail.

Where any difficulty or doubt arises in the application of subsection (1) in relation to any particular authorized person or operator of a designated payment system, or any particular matter or circumstance, or generally, the Minister may on the reference of the difficulty or doubt to him by the Bank, resolve the same by a direction in writing.