Singapore legislation
Section 15
Section 15
Revocation of licence
(1)
The Authority —
must, 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;
may, by order, revoke the licence of a finance company if, in its opinion, the finance company —
has provided 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;
is carrying on its business in a manner likely to be detrimental to the interests of its depositors;
has insufficient assets to cover its liabilities to its depositors;
carries on business while its paid-up capital (unimpaired by losses or otherwise) is less than $500,000; or
is contravening or has contravened the provisions of this Act;
is contravening or has contravened any provision of the Deposit Insurance and Policy Owners’ Protection Schemes Act 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
may, by order, revoke the licence of a finance company —
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
if, upon the Authority exercising any power under section 35(2) or the Minister exercising any power under Division 2, 3, 4 or 4A of Part 4B of the Monetary Authority of Singapore Act 1970 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 must give the finance company written notice of its intention to do so, specifying a date, at least 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 must forthwith inform the finance company by written notice of the revocation.