67. Appeals to Minister

Terms defined in s 2

• Authority

  Authority

  Defined · s 2

  “Authority” means the Monetary Authority of Singapore established under the Monetary Authority of Singapore Act 1970;

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• designated payment system

  designated payment system

  Defined · s 2

  “designated payment system” means a payment system that is designated by the Authority under section 42 to be a designated payment system for the purposes of this Act;

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• director

  director

  Defined · s 2

  “director” has the meaning given by section 4(1) of the Companies Act 1967;

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• executive officer

  executive officer

  Defined · s 2

  “executive officer”, in relation to a corporation, means any individual (however designated) who —(a)is in the direct employment of, or acting for or by arrangement with, the corporation; and(b)is concerned with or takes part in the management of the corporation on a day‑to‑day basis;

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• operator

  operator

  Defined · s 2

  “operator”, in relation to a payment system, means a person that operates the payment system;

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• settlement institution

  settlement institution

  Defined · s 2

  “settlement institution” means a person that provides facilities for —(a)the participants of a payment system to hold funds; and(b)the settling of transactions between the participants;

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