Commonwealth Consolidated Acts

PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 25

             (1)  The Reserve Bank may grant a corporation, or corporations included in a class of corporations, an exemption allowing the corporation, or each corporation in the class, to be the holder of the stored value in respect of purchased payment facilities in a particular class even though the corporation is not an authorised deposit‑taking institution, within the meaning of the Banking Act 1959 , and does not have an authority under section 23 of this Act that covers those facilities.

             (2)  The Reserve Bank may be acting on its own initiative or pursuant to an application in granting the exemption. An application for an exemption must comply with the applicable requirements determined under section 27.

             (3)  The Reserve Bank may grant the exemption if it is satisfied that the corporation, or each of the corporations in the class, will be able to satisfy the obligations of the holder of the stored value of purchased payment facilities of the relevant class.

             (4)  The exemption is to be granted:

                     (a)  if it applies to a particular corporation—by notice in writing given to the corporation; or

                     (b)  if it applies to a class of corporations—by notice in writing published in the Gazette .

             (5)  The exemption:

                     (a)  comes into force:

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

                             (ii)  if the instrument granting the exemption 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 exemption if it is no longer satisfied as mentioned in subsection (3). The revocation is to be:

                     (a)  if it applies to a particular corporation—by notice in writing given to the corporation; or

                     (b)  if it applies to a class of corporations—by notice in writing published in the Gazette .

             (7)  If the Reserve Bank:

                     (a)  grants an exemption to a particular corporation under subsection (3); or

                     (b)  revokes an exemption under subsection (6), being an exemption granted to a particular corporation;

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.