Singapore legislation

Clause 37

of Payment Systems (Oversight) Bill

Clause 37

Cancellation of approval

(1)

An approved holder may apply to the Authority to cancel the approval granted to him under section 35(1).

(2)

An approved bank may apply to the Authority to cancel the approval granted to it under section 35(1).

(3)

The Authority may prescribe or specify in written directions such factors that the Authority may consider relevant in determining whether to cancel the approval granted to approved holders or approved banks.

(4)

Any cancellation under this section of approval granted to the approved holder or approved bank shall not operate so as to —

(a)

avoid or affect any agreement, transaction or arrangement entered into by the holder or bank for which approval is cancelled, whether the agreement, transaction or arrangement was entered into before or after the cancellation of the approval; or

(b)

affect any right, obligation or liability arising under such agreement, transaction or arrangement.

Read in full context — Payment Systems (Oversight) Bill →