Singapore legislation
Section 37
Section 37
Duration of control
(1)
The Authority must cease to be in control of the relevant business of a finance company when the Authority is satisfied that —
the reasons for the Authority’s assumption of control of the relevant business have ceased to exist; or
it is no longer necessary for the protection of the depositors of the finance company.
(2)
A statutory manager is deemed to have assumed control of the relevant business of a finance company on the date of the statutory manager’s appointment as a statutory manager.
(3)
The appointment of a statutory manager in relation to the relevant business of a finance company may be revoked by the Authority at any time —
if the Authority is satisfied that —
the reasons for the appointment have ceased to exist; or
it is no longer necessary for the protection of the depositors of the finance company; or
on any other ground,and upon such revocation, the statutory manager ceases to be in control of the relevant business of the finance company.
(4)
The Authority must, as soon as practicable, publish in the Gazette the date, and any other particulars that the Authority thinks fit, of —
the Authority’s assumption of control of the relevant business of a finance company;
the cessation of the Authority’s control of the relevant business of a finance company;
the appointment of a statutory manager in relation to the relevant business of a finance company; and
the revocation of a statutory manager’s appointment in relation to the relevant business of a finance company.