Payment Systems Act 2003 s 22

This legislation has been repealed. Do not cite it as law in force.

Text recovered by OCR from a scanned copy — section numbers and wording may be wrong. Check the official PDF on lom.agc.gov.my before citing.

s 22

(1) Where an operator of a designated payment system— (a) is insolvent or is likely to become insolvent; (b) has become or is likely to become unable to meet any or all of his obligations; or (c) has suspended payments or compounded with his creditors, such operator shall immediately notify the participants of the designated payment system. (2) Where a participant of a designated payment system— (a) is insolvent or is likely to become insolvent; (b) has become or is likely to become unable to meet any or all of his obligations; or (c) has suspended payments or compounded with his creditors, such participant shall immediately notify the operator who shall notify the other participants of the designated payment system.

Malay text (authoritative)

Kehendak supaya memberitahu dalam hal ketidaksolvenan, dll.

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Find Act 627 on lom.agc.gov.my ↗

Text as at 1 January 2006 (LOM reprint); amendments made after that date may not be incorporated.

Source: Laws of Malaysia, Attorney General's Chambers of Malaysia (lom.agc.gov.my). Not a copy of the Gazette printed by the Government Printer (Interpretation Acts 1948 and 1967, s 61).

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