Singapore legislation
Section 29
Section 29
Power of Authority to secure compliance with sections 23, 26, 27 and 31
(1)
Any finance company, if at any time called upon in writing by the Authority to do so, must satisfy the Authority, by producing such evidence or information as the Authority may require, that the finance company is not in contravention of any of the provisions of section 23, 26, 27 or 31.
(2)
For the purpose of securing compliance with the sections mentioned in subsection (1), the Authority may from time to time by written notice require any finance company to aggregate its assets, liabilities or profits (as the case may be) with the assets, liabilities or profits of all or any of the finance company’s related companies, as described in section 6 of the Companies Act 1967, and the finance company must comply with that requirement within the time specified in the notice.
(3)
A finance company which fails to comply with any requirement of the Authority under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000 for every day during which the default continues after conviction.