Commonwealth Consolidated Acts

PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 23

             (1)  A constitutional corporation may apply to the Reserve Bank for an authority to be the holder of the stored value of a class of purchased payment facilities. The application must comply with the applicable requirements determined under section 27.

             (2)  The Reserve Bank may grant the authority if it is satisfied that the corporation will be able to satisfy its obligations as the holder of the stored value of purchased payment facilities of the relevant class.

             (3)  The grant of the authority is to be by notice in writing given to the corporation.

             (4)  The Reserve Bank may, at any time, by notice in writing given to the corporation:

                     (a)  impose conditions, or additional conditions, on the authority; and

                     (b)  vary or revoke conditions imposed on the authority.

The conditions must be aimed at ensuring the corporation meets its obligations as holder of the stored value of purchased payment facilities of the relevant class.

             (5)  The authority:

                     (a)  comes into force:

                              (i)  unless subparagraph (ii) applies—on the day on which it is granted; or

                             (ii)  if the instrument granting the authority specifies a later day as the day on which it comes into force—on the day so specified; and

                     (b)  continues in force until it is revoked.

             (6)  The Reserve Bank may revoke the authority by notice in writing to the corporation if:

                     (a)  it is no longer satisfied as mentioned in subsection (2); or

                     (b)  it considers that the corporation has contravened a condition of the authority; or

                     (c)  the corporation applies to the Reserve Bank for revocation of the authority; or

                     (d)  the corporation ceases to be the holder of the stored value of any purchased payment facilities of the relevant class.

An application for revocation of the authority must comply with any applicable requirements determined under section 27.

             (7)  If the Reserve Bank:

                     (a)  grants an authority under subsection (2); or

                     (b)  imposes, varies or revokes conditions under subsection (4); or

                     (c)  revokes an authority under subsection (6);

the Reserve Bank must cause notice of that action to be published in the Gazette .

             (8)  Failure to comply with subsection (7) does not affect the validity of the action concerned.