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 01/10/2007.
16.
—(1) An approved holder may apply to the Authority to cancel the approval granted to him under section 35 (1) by submitting Form 6 and paying the relevant fee to the Authority.
(2) An approved bank may apply to the Authority to cancel the approval granted to it under section 35 (1) by submitting Form 7 and paying the relevant fee to the Authority.
(3) The Authority may approve an application made under paragraph (1) to cancel the approval if the Authority is satisfied that —
(a)
the approved holder holds stored value not exceeding $30 million or such other amount as the Authority may vary under section 33(2) of the Act;
(b)
another bank in Singapore (referred to in this regulation as the substituted bank) has undertaken to be fully liable for the stored value of the stored value facility concerned in place of the approved bank and the holder for which approval is sought to be cancelled has submitted a separate application under section 34 of the Act for approval to be an approved holder, accompanied by an application by the substituted bank for approval to be an approved bank; or
(c)
it is appropriate to do so.
(4) The Authority may approve an application made under paragraph (2) to cancel the approval if the Authority is satisfied that —
(a)
the approved bank is intending to wind up or otherwise dissolve, or is likely to be wound up or otherwise dissolved, whether in Singapore or elsewhere; or
(b)
it is appropriate to do so.