Clause 4

by deleting subsection (1) and substituting the following subsection:“(1) Where the Authority has reason to believe that an emergency exists, or thinks that it is necessary or expedient in the interests of the public or a section of the public to so act, the Authority may exercise one or more of the following powers:

by notice in writing, direct an operator or a settlement institution of a designated payment system to take such action as the Authority considers necessary to maintain or restore the safe and efficient operation of the designated payment system;

appoint a person to advise an operator or a settlement institution of a designated payment system on the proper conduct of its operations;

assume control of and carry on the operations of an operator or a settlement institution, or both, of a designated payment system or direct some other person to do so on behalf of the Authority;

present a petition to the High Court for the winding up or bankruptcy, as the case may be, of an operator or a settlement institution of a designated payment system;

require an operator of a designated payment system to cease operation of the designated payment system.”;

by deleting the words “subsection (1)” in subsection (2) and substituting the words “subsection (1)(a)”;

by deleting subsection (3);

by deleting the words “subsection (3)(b)” in subsections (5), (6), (7) and (10) and substituting in each case the words “subsection (1)(c)”;

by deleting the words “subsection (5)” in subsection (6) and substituting the words “subsection (4)”;

by deleting the words “fails to comply with a direction issued under subsection (1), or with subsection (7) or with any requirement of the Authority under subsection (7)” in subsection (8) and substituting the words “fails to comply with any direction issued under subsection (1)(a), or contravenes subsection (6) or fails to comply with any requirement of the Authority under subsection (6)”;

by deleting the words “subsection (3)(a)” in subsection (9) and substituting the words “subsection (1)(b)”;

by deleting the words “subsection (11)” in subsections (12) and (13) and substituting in each case the words “subsection (10)”; and

by renumbering the existing subsections (4) to (14) as subsections (3) to (13), respectively.