Payment Systems Act 2003 s 23

This legislation has been repealed. Do not cite it as law in force.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 23 Prohibition of issuance of payment instruments

(1) The Bank may, by order published in the Gazette, prohibit any person from issuing or using any payment instrument if— (a) the issuing or use of the payment instrument is detrimental to the reliable, safe, efficient and smooth operation of the payment systems of Malaysia; or (b) the prohibition is in the interest of the public. (2) The Bank may, in considering whether to prohibit any person from issuing or using any payment instrument under subsection (1), inspect the premises, equipment, machinery, apparatus, books or other documents, or accounts and transactions of the issuer of the payment instrument, upon giving written notice to the issuer. (3) The Bank shall give the person referred to in subsection (1) a reasonable opportunity to make representation before making a decision to impose the prohibition under that subsection. Designation of payment instruments

Malay text (authoritative)

Larangan pengeluaran instrumen pembayaran

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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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