11Reserve Bank may designate payment systems

#### 11 Reserve Bank may designate payment systems (1) The Reserve Bank may, by legislative instrument, designate a payment system, or each payment system in a class of payment systems, if it considers that designating the payment system, or each payment system in the class, is in the public interest. (1A) To avoid doubt, the Reserve Bank may designate a payment system under subsection (1) whether or not that payment system has been designated by the Minister under subsection 11B(1). > Note: However, if the payment system has been designated by the Minister under subsection 11B(1), consultation requirements apply: see subsection 11A(1). (2) The designation has effect until it is revoked. > Note: For variation and revocation, see subsection 33(3) of the Acts Interpretation Act 1901.