Singapore legislation
Section 20
Section 20
Power to call for repayment before agreed period
Notwithstanding any agreement to the contrary, and without prejudice to any other rights or remedies which it may possess under the law, the Board may by notice require any enterprise, to which it has granted any loan, advance or incentive, to immediately discharge in full its liabilities to the Board —
if it appears to the Board that false or misleading information in any material particular was given in the application for the loan, advance or incentive;
if the enterprise has failed to comply with the terms of its contract with the Board in the matter of the loan, advance or incentive;
if there is a reasonable apprehension that the enterprise is unable to pay its debts or that proceedings for liquidation may be commenced in respect thereof;
if the property pledged, mortgaged, hypothecated or assigned to the Board as security for the loan, advance or incentive is not insured and kept insured by the enterprise to the satisfaction of the Board, or depreciates in value, in the opinion of the Board, by more than 20% and further security to the satisfaction of the Board is not given;
if, without the permission of the Board, machinery and other equipment, whether forming part of the security or otherwise, is removed from the premises of the enterprise without being replaced; or
if for any reason it is necessary in the opinion of the Board to protect the interests of the Board.