Singapore legislation
Section 46
Section 46
Memorandum and articles of association of finance company
(1)
Every company must, before it is granted a licence by the Authority to carry on financing business under this Act, include in its memorandum or articles of association the restrictions, limitations and prohibitions contained in sections 23 to 27.
(2)
Every company that —
has carried on financing business in Singapore before 10 January 1968; and
is licensed under this Act,but whose memorandum or articles of association do not include all or any of the restrictions, limitations or prohibitions contained in sections 23 to 27, is deemed to have included in its memorandum or articles of association all or any of such restrictions, limitations or prohibitions as are not so included.
(3)
To the extent that any such restriction, limitation or prohibition so deemed to have been included in those memorandum or articles of association under subsection (2) is inconsistent with any provision already included in the memorandum or articles of association, that restriction, limitation or prohibition prevails over such provision.