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(a)
the exercise or purported exercise of any power under this Act;
(b)
the performance or purported performance of any function or duty under this Act;
or
(c)
the compliance or purported compliance with this Act.
Emergency powers of the Authority applicable to designated payment systems
81.—(1) Without affecting section 80, where the Authority has reason to believe that an
emergency exists, or thinks that it is necessary or expedient in the interests of the public or a
section of the public to so act, the Authority may exercise one or more of the following powers:
(a)
by notices in writing, direct an operator or a settlement institution of a designated
payment system to take such action as the Authority considers necessary to
maintain or restore the safe and efficient operation of the designated payment
system;
(b)
present a petition to the High Court for the winding up or bankruptcy, as the case
may be, of an operator or a settlement institution of a designated payment system;
(c)
require an operator of a designated payment system to cease operation of the
designated payment system.
(2)
Without prejudice to the generality of subsection (1)(a), the actions which the Authority
may direct an operator or a settlement institution of a designated payment system to take
include modifying or suspending any of the rules of the designated payment system.
(3)
The Authority may modify or cancel any action taken by it under subsection (1), and in
so modifying or cancelling any such action, the Authority may impose such conditions as it
thinks fit, subject to which the modification or cancellation shall have effect.
(4)
Any operator or settlement institution of a designated payment system, which fails to
comply with any direction issued under subsection (1)(a) shall be guilty of an offence and shall
be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing
offence, to a further fine not exceeding $10,000 for every day or part thereof during which the
offence continues after conviction.
Assumption of control
82.—(1) Upon assuming control of any business of a payment entity under section
80(2)(c), the Authority or statutory manager, as the case may be, must take custody or control
of the relevant business.
(2)
During the period when the Authority or statutory manager is in control of a payment
entity’s relevant business, the Authority or statutory manager —
(a)
must manage the relevant business in the name of and on behalf of the payment
entity; and
(b)
is treated as an agent of the payment entity.
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(3)
In managing the payment entity’s relevant business, the Authority or statutory manager
has all the duties, powers and functions of the members of the board of directors of the payment
entity (collectively and individually) under —
(a)
this Act;
(b)
the Companies Act (Cap. 50); and
(c)
the payment entity’s constitution,
including powers of delegation, in relation to the relevant business.
(4)
Despite subsection (5), the Authority or statutory manager is not required to call any
meeting of the payment entity under the Companies Act or the payment entity’s constitution.
(5)
Despite any written law or rule of law —
(a)
upon the Authority or statutory manager assuming control of any business of a
payment entity under section 80(2)(c), any appointment of an individual as chief
executive officer or director of the payment entity that was in force immediately
before the assumption of control is treated as revoked, unless the Authority gives
its approval, by notice in writing to the individual and the payment entity, for the
individual to remain in the appointment; and
(b)
during the period when the Authority or statutory manager is in control of the
payment entity’s relevant business, an individual must not be appointed as chief
executive officer or director of the payment entity, except with the approval of the
Authority.
(6)
Where the Authority has given its approval under subsection (5) for an individual to
remain in the appointment of, or to be appointed as, chief executive officer or director of a
payment entity, the Authority may at any time, by notice in writing to the individual, revoke
its approval and such appointment is treated as revoked on the date specified in the notice.
(7)
Despite any written law or rule of law, if any individual whose appointment as chief
executive officer or director of a payment entity is revoked under subsection (5) or (6), acts or
purports to act after the revocation as chief executive officer or director of the payment entity
during the period when the Authority or statutory manager is in control of the payment entity’s
relevant business under section 80(2)(c) —
(a)
the act or purported act of the individual is invalid and of no effect; and
(b)
the individual shall be guilty of an offence.
(8)
Despite any written law or rule of law, if any individual who is appointed as chief
executive officer or director of a payment entity in contravention of subsection (5) acts or
purports to act as chief executive officer or director of the payment entity during the period
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