Singapore legislation
Section 261
Section 261
Preliminary provisions
(1)
Subject to subsection (1A), this Subdivision applies where an entity makes an offer of debentures.
(1A)
Sections 268, 269 and 270 do not apply if the borrowing entity is a prescribed entity.
(1B)
In subsections (1A) and (1C), “prescribed entity” means —
any bank licensed under the Banking Act 1970; or
any entity or entity of a class which has been declared by the Authority, by order in the Gazette, to be a prescribed entity for the purposes of this section.
(1C)
The Authority may, by written notice —
impose such conditions or restrictions on a prescribed entity as it thinks fit; and
at any time vary or revoke any condition or restriction so imposed,and the prescribed entity must comply with every such condition or restriction imposed on it by the Authority that has not been revoked by the Authority.
(1D)
Any person who contravenes any condition or restriction imposed under subsection (1C)(a) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.
(2)
[Deleted by Act 1 of 2005]
(3)
In this Subdivision, a corporation is related to another corporation if it is deemed to be related to that other corporation by virtue of section 6 of the Companies Act 1967.