On 24/05/2013,
you requested for the version in force on 24/05/2013
incorporating all amendments published on or before 24/05/2013.
The closest version currently available is that of 18/04/2013.
15.
—(1) The Authority —
(a)
shall, by order, revoke the licence of a finance company if the company ceases to carry on the business for which it has been licensed in Singapore or goes into liquidation or is wound up or otherwise dissolved;
(b)
may, in its discretion, by order, revoke the licence of a finance company if, in its opinion, the finance company —
(i)
has furnished information or documents to the Authority in connection with its application for a licence which is or are false or misleading in a material particular;
(ii)
is carrying on its business in a manner likely to be detrimental to the interests of its depositors;
(iii)
has insufficient assets to cover its liabilities to its depositors;
(iv)
carries on business while its paid-up capital (unimpaired by losses or otherwise) is less than $500,000; or
(v)
is contravening or has contravened the provisions of this Act;
(vi)
is contravening or has contravened any provision of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 (Act 15 of 2011) or any Rules issued by the deposit insurance and policy owners’ protection fund agency under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011; and
(c)
may, also in its discretion, by order, revoke the licence of a finance company —
(i)
if the finance company or any of its directors or officers holding a managerial or executive position in that finance company has been convicted of any offence under this Act; or
(ii)
if, upon the Authority exercising any power under section 35(2) or the Minister exercising any power under Division 2, 3 or 4 of Part IVB of the Monetary Authority of Singapore Act (Cap. 186) in relation to the finance company, the Authority considers that it is in the public interest to revoke the licence.
(2) Before revoking any licence, the Authority shall give the finance company notice in writing of its intention to do so, specifying a date, not less than 21 days after the date of the notice, upon which the revocation will take effect and calling upon the finance company to show cause to the Authority why the licence should not be revoked.
(3) Where the Authority has revoked a licence under subsection (1), the Authority shall forthwith inform the finance company by notice in writing of the revocation.
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