Section 36
Issuing of designated payment instruments
of Payment and Settlement Systems (Oversight) Act
ActIn forceProvision 35 of 61
Section 36
(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.