§ 77 — Interpretation of this Part

77. In this Part, unless the context otherwise requires —“business” includes affairs and property;

“emergency” means —(a)

any situation that prevents a designated payment system from carrying out its functions;

(b)

any situation in which, in the opinion of the Authority, the operations of a designated payment system are carried on in a manner likely to be detrimental to the interests of the participants of the designated payment system; or

(c)

any undesirable situation or practice that, in the opinion of the Authority, constitutes an emergency;

“office‑holder”, in relation to a payment entity, means any person acting as the liquidator, provisional liquidator, receiver, receiver and manager, judicial manager or an equivalent person of that payment entity;

“payment entity” means any of the following entities:(a)

a licensee;

(b)

a person that is granted a licence under section 57B of the Banking Act 1970 to carry on the business of issuing credit cards or charge cards in Singapore;

(c)

an operator of a designated payment system;

(d)

a settlement institution of a designated payment system;

“relevant business”, in relation to a payment entity, means any business of that payment entity —(a)

in relation to which a statutory adviser has been appointed under section 78(2)(b);

(b)

in relation to which a statutory manager has been appointed under section 78(2)(c); or

(c)

that the Authority has assumed control of under section 78(2)(c);

“statutory adviser” means a statutory adviser appointed under section 78(2)(b);

“statutory manager” means a statutory manager appointed under section 78(2)(c).