In force2022 Revised EditionCurrent version · 2022 Revised EditionSee versions on Attorney General's Chambers(opens the publisher’s site)
Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Payment Instruments
Payment and Settlement Systems (Oversight) Act · 2022 Revised Edition · Part · Payment Instruments
Official textFrom Attorney General's Chambers, unchanged
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
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
Authority may specify and the issuer shall not continue to issue the payment instrument after the specified time unless he has complied with the
issuer
“issuer” means any person, acting alone or under an arrangement with another person, who undertakes to be responsible for the payment obligation in respect of a payment instrument resulting from the user being issued with or using the payment instrument;
Authority’s requirement.
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).
Authority
“Authority” means the Brunei Darussalam Central Bank established under the Brunei Darussalam Central Bank Order, 2010;
issuer
“issuer” means any person, acting alone or under an arrangement with another person, who undertakes to be responsible for the payment obligation in respect of a payment instrument resulting from the user being issued with or using the payment instrument;
payment instrument
“payment instrument” means any instrument, whether tangible or intangible, that enables a person to obtain money, goods or services or to otherwise make payment;
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Part