§ 81 — Other provisions concerning control

81.—(1) The Authority must cease to be in control of the relevant business of a payment entity when the Authority is satisfied that the reasons for the Authority’s assumption of control of the relevant business have ceased to exist.(2) A statutory manager is deemed to have assumed control of the relevant business of a payment entity on the date of the statutory manager’s appointment as a statutory manager.

(3) Without limiting section 78(4)(a), the Authority may at any time revoke the appointment of a statutory manager in relation to the relevant business of a payment entity —(a)

if the Authority is satisfied that the reasons for the appointment have ceased to exist; or

(b)

on any other ground.

(4) The statutory manager ceases to be in control of the relevant business of the payment entity upon the revocation of the statutory manager’s appointment under subsection (3) or section 78(4)(a).

(5) The Authority must publish in the Gazette the date, and such other particulars as the Authority thinks fit, of —(a)

the Authority’s assumption of control of the relevant business of a payment entity;

(b)

the cessation of the Authority’s control of the relevant business of a payment entity;

(c)

the appointment of a statutory manager in relation to the relevant business of a payment entity; and

(d)

the revocation of a statutory manager’s appointment in relation to the relevant business of a payment entity.

—(1) The Authority must cease to be in control of the relevant business of a payment entity when the Authority is satisfied that the reasons for the Authority’s assumption of control of the relevant business have ceased to exist.

(2) A statutory manager is deemed to have assumed control of the relevant business of a payment entity on the date of the statutory manager’s appointment as a statutory manager.

(3) Without limiting section 78(4)(a), the Authority may at any time revoke the appointment of a statutory manager in relation to the relevant business of a payment entity —(a)

if the Authority is satisfied that the reasons for the appointment have ceased to exist; or

(b)

on any other ground.

(4) The statutory manager ceases to be in control of the relevant business of the payment entity upon the revocation of the statutory manager’s appointment under subsection (3) or section 78(4)(a).

(5) The Authority must publish in the Gazette the date, and such other particulars as the Authority thinks fit, of —(a)

the Authority’s assumption of control of the relevant business of a payment entity;

(b)

the cessation of the Authority’s control of the relevant business of a payment entity;

(c)

the appointment of a statutory manager in relation to the relevant business of a payment entity; and

(d)

the revocation of a statutory manager’s appointment in relation to the relevant business of a payment entity.