Payment and Settlement Systems (Oversight) Act · s 41

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s 41Requirement to incorporate

(1)

The Authority may at any time require an issuer which is not a body corporate established by or under any written law to incorporate as a company under the Companies Act (Chapter 39) within such time as the

Authority may specify and the issuer shall not continue to issue the payment instrument after the specified time unless he has complied with the

Authority’s requirement.

(2)

The Authority may, upon the request of an issuer, allow for an extension of time, with or without conditions, for the compliance with the

Authority’s requirements referred in subsection (1).