Payment and Settlement Systems (Oversight) Act · s 36

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s 36Issuing of designated payment instruments

(1)

No person shall issue a designated payment instrument unless he has —

(a)

submitted to the Authority the documents and information as the Authority may prescribe;

(b)

paid the prescribed fee; and

(c)

obtained a written approval from the Authority to issue a designated payment instrument.

(2)

The Authority may in giving its approval —

(a)

require all or any of the documents submitted to be modified and altered as it may deem necessary; and

(b)

impose such conditions as it may deem fit.