Section 41
Requirement to incorporate
of Payment and Settlement Systems (Oversight) Act
ActIn forceProvision 40 of 61
Section 41
(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).