Singapore legislation
Section 34
Section 34
Constitution of partnership or company to be licensed
(1)
If the applicant for a licence under Part 5 is a partnership, all the partners of the partnership must be approved by the Council before the licence may be granted or renewed.
(2)
If the applicant for a licence under Part 5 is a limited liability partnership —
all the partners of the limited liability partnership must be approved by the Council; and
where any partner is a company, all the directors of that company must be approved by the Council,before the licence may be granted or renewed.
(3)
If the applicant for a licence under Part 5 is a company, all the directors of the company must be approved by the Council before the licence may be granted or renewed.
(4)
A person must not be appointed to be a new partner or director of a licensee unless the person is approved by the Council.
(5)
Every licensee to whom a licence has been granted under Part 5 must inform the Council of —
if the licensee is a partnership, the withdrawal by, or the expulsion of, any partner from the partnership;
if the licensee is a limited liability partnership, the withdrawal by, or the expulsion of, any partner from the limited liability partnership and, where any partner is a company, the resignation or removal of any director of that company;
if the licensee is a company, the resignation or removal of any director of the company; and
if the licensee is a partnership, limited liability partnership or company, the death of any partner or director.[22C