(1) Within three months of the passing of this Act, every payment system which was in operation before such passing (in this Part referred to as "an existing system") shall -

(a) submit its rules to the Bank for approval, or

(b) cease to operate.

(2) Pending a decision by the Bank to approve or not to approve of the rules of an existing system submitted to it under subsection (1) (a), the Bank may -

(a) impose on the system such conditions or requirements as it considers appropriate to impose, or

(b) issue a direction under section 12 as if the existing system were a system the rules of which had been approved of by the Bank.

(3) The operators of a payment system may appeal to the Court against the imposition of any condition or requirement or the giving of a direction under this section.

(4) On hearing an appeal under subsection (3) of this section, the Court may confirm, vary or rescind any condition, requirement or direction imposed under this section.