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Revocation of approval of rules of payment system.
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13.—(1) The Bank may—
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(a) revoke an approval of the rules of a payment system if the system to which it was granted so requests,
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(b) with the consent of the Minister, revoke an approval of the rules of a payment system, if—
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(i) the system—
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(I) has not commenced to operate within 12 months of the date on which the approval was granted, or
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(II) has ceased operating for a period of more than one month,
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(ii) the payment system being a company, the company is being wound up,
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(iii) the payment system (being an existing system) or the promoter of a proposed system has obtained the approval of the Bank through false statements or any other irregular means,
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(iv) the payment system becomes unable to meet its obligations to creditors or suspends payment lawfully due by the system or by any member thereof, or
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(v) since the grant of the approval, the circumstances relevant to the grant have changed and are such that, if an application for an approval were made in the changed circumstances, it would be refused.
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(2) Whenever the Bank proposes to revoke an approval (other than in pursuance of a request by the payment system to which it was granted to do so)—
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(a) it shall notify the payment system concerned that it intends to seek the consent of the Minister to the revocation and of the reasons for that revocation and that the system may, within 21 days after the date of the giving of the notification, make representations in writing to the Minister in relation to the proposed revocation,
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(b) the payment system may make such representations in writing to the Minister within the time aforesaid, and
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(c) the Minister shall, before deciding to give or withhold his or her consent, consider any representations duly made to him or her under this subsection in relation to the proposed revocation.
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(3) Where an approval of the rules of a payment system is revoked and the system is not a company which is being wound up—
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(a) the system and the members thereof shall continue to be subject to the duties and obligations imposed by or under this Part or section 18 of the Act of 1971 until all liabilities of the system and its members have been discharged to the satisfaction of the Bank,
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(b) the system shall, as soon as possible after the approval is revoked, notify the Bank and such other persons (if any) as the Bank indicates are to be notified of the measures being taken or proposed to be taken to discharge in full and without undue delay the liabilities of the system and the members thereof,
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(c) in the case where—
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(i) that payment system has notified the Bank in accordance with paragraph (b) and the Bank is of the opinion that the measures being taken or proposed to be taken for the purposes of that paragraph are not satisfactory, or
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(ii) that payment system has not so notified the Bank and the Bank is of the opinion that the system has failed to so notify as soon as possible after the approval is revoked, or
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(iii) the Bank is of the opinion that the payment system has failed to take all reasonable steps to notify persons that the Bank has indicated, under paragraph (b), are to be notified,
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then, the Bank may give a direction in writing to that payment system or to any of its members for such period, not exceeding six months, as may be specified therein, prohibiting the payment system or the members thereof so directed from—
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(I) dealing with or disposing of any assets or specified assets of the payment system or of its members in any manner, or
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(II) engaging in any transaction or class of transaction or specified transaction, or
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(III) making payments,
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without the prior authorisation of the Bank, and the Bank may require that payment system or any of its members to prepare and submit to it for its approval within two months of the direction, a scheme for the orderly discharge in full of the liabilities concerned.
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(4) (a) Where the approval of the rules of a payment system is revoked and the system is a company which is being wound up, the liquidator of the company shall, in addition to the duties and obligations in respect of the winding up, be subject to the duties and obligations to which the payment system would be subject were it a payment system to which subsection (3) relates and that subsection shall, for the purpose of this subsection, be construed accordingly.
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(b) Notwithstanding paragraph (a), the Bank may, where it revokes an approval and considers it appropriate in the circumstances, remove in writing the duty and obligation imposed on the liquidator concerned to comply with paragraph (b) of subsection (3) and may impose in writing on that liquidator such further or other duty and obligation which corresponds to that set out in the said paragraph (b).
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(c) Nothing in this subsection shall be construed as affecting any duty or obligation under this Part of the members of the payment system concerned.
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(5) The Bank shall as soon as may be after the revocation of an approval of the rules of a payment system publish a notice of the revocation in such manner as it thinks fit.
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(6) (a) The system to which a direction was given under subsection (3), or a liquidator to whom a direction was given under subsection (4), may apply in a summary manner to the Court for, and the Court may grant, an order setting aside the direction.
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(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.
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(7) The Court when considering the matter may make such interim or interlocutory order as it considers appropriate.
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(8) 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.
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