Singapore legislation
Section 61
Section 61
Reverse transfer of business
(1)
Subject to this section, the Authority may, at any time after the transfer of any business under a certificate of transfer, make a determination that the whole or any part of the business transferred to the transferee by the certificate be transferred back to the transferor.
(2)
The Authority may make such determination if —
the board of directors of the transferee (if it is a corporation), or the committee of management of the transferee (if it is a co‑operative society), consents to the reverse transfer; and
the conditions prescribed by regulations made under section 126 are met.
(3)
The Authority must submit every determination under subsection (1) to the Minister for approval.
(4)
The Minister may —
approve a determination under subsection (1) without modification;
approve a determination under subsection (1) subject to any modification the Minister considers appropriate, if the board of directors of the transferee (if it is a corporation), or the committee of management of the transferee (if it is a co‑operative society), agrees to the modification; or
refuse to approve the determination.
(5)
An approval under subsection (4) is subject to such conditions as the Minister may determine to be necessary to give effect to the determination, and the Minister may add to, vary or revoke any such condition.
(6)
The transferor or transferee (as the case may be) must comply with every condition mentioned in subsection (5) that applies to it and of which it has been given written notice by the Authority.
(7)
A person that contravenes subsection (6) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $250,000 and, in the case of a continuing offence, to a further fine not exceeding $25,000 for every day or part of a day during which the offence continues after conviction.
(8)
A determination under subsection (1) or an approval under subsection (4) of the determination does not prevent the exercise of any power by the Authority or the Minister under this Act or the relevant Act applicable to the transferor.