PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 25 Exemptions
PAYMENT SYSTEMS (REGULATION) ACT 1998 - SECT 25
Exemptions(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 notifiable instrument ; or
(b) if it applies to a class of corporations--by legislative instrument .
(a) comes into force on the day specified in the instrument, which must not be earlier than the day after the instrument is registered on the Federal Register of Legislation under the Legislation Act 2003 ; and
(b) continues in force until it is revoked.