Central Bank Act, 1997
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Failure to comply with conditions or requirements. |
12.—(1) Where the Bank is satisfied that a payment system or any member thereof has failed or is failing to comply with a condition or requirement under section 8 (2) (a) or section 9 , the Bank may give a direction to— | |
(a) the payment system to cease such activities as the Bank may specify, and | ||
(b) any or all of the members of the payment system to cease operating as a member or members of that system, | ||
for a specified period or until further notice by the Bank. | ||
(2) (a) The payment system to which, or member or members thereof to whom, a direction is given under subsection (1) may apply in a summary manner to the Court for, and the Court may grant, an order setting aside the direction. | ||
(b) The Bank may apply in a summary manner to the Court to have a direction by it under this section confirmed by the Court. | ||
(3) The Court when considering the matter may make such interim or interlocutory order as it considers appropriate. | ||
(4) Where the Court is satisfied, because of the nature or the circumstances of the case or otherwise in the interests of justice that it is desirable, the whole or any part of proceedings under this section may be heard otherwise than in public. |