23Authority to be the holder of the stored value

#### 23 Authority to be the holder of the stored value (1) A constitutional corporation may apply to the Reserve Bank for an authority to be the holder of the stored value of a class of purchased payment facilities. The application must comply with the applicable requirements determined under section 27. (2) The Reserve Bank may, by notifiable instrument, grant the authority if it is satisfied that the corporation will be able to satisfy its obligations as the holder of the stored value of purchased payment facilities of the relevant class. (4) The Reserve Bank may, at any time, by notifiable instrument: (a) impose conditions, or additional conditions, on the authority; and (b) vary or revoke conditions imposed on the authority. The conditions must be aimed at ensuring the corporation meets its obligations as holder of the stored value of purchased payment facilities of the relevant class. (5) The authority: (a) comes into force on the day specified in the authority, which must not be earlier than the day after the authority is registered on the Federal Register of Legislation under the Legislation Act 2003; and (b) continues in force until it is revoked. (6) The Reserve Bank may, by notifiable instrument, revoke the authority if: (a) it is no longer satisfied as mentioned in subsection (2); or (b) it considers that the corporation has contravened a condition of the authority; or (c) the corporation applies to the Reserve Bank for revocation of the authority; or (d) the corporation ceases to be the holder of the stored value of any purchased payment facilities of the relevant class. An application for revocation of the authority must comply with any applicable requirements determined under section 27.