Section 77 — Interpretation of this Part

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).