Singapore legislation
Section 81SD
Section 81SD
Voluntary transfer of business
(1)
A transferor may transfer the whole or any part of its business (including any business that is not the usual business of an approved clearing house or a recognised clearing house) to a transferee, if —
the Authority has consented to the transfer;
the transfer involves the whole or any part of the business of the transferor that is the usual business of an approved clearing house or a recognised clearing house; and
the Court has approved the transfer.
(2)
Subsection (1) does not affect the right of an approved clearing house or a recognised clearing house to transfer the whole or any part of its business under any law.
(3)
The Authority may consent to a transfer under subsection (1)(a) if the Authority is satisfied that —
the transferee is a fit and proper person; and
the transferee will conduct the business of the transferor prudently and comply with the provisions of this Act.
(4)
The Authority may at any time appoint one or more persons to perform an independent assessment of, and provide a report on, the proposed transfer of a transferor’s business (or any part thereof) under this Division.
(5)
The remuneration and expenses of any person appointed under subsection (4) must be paid by the transferor and the transferee jointly and severally.
(6)
The Authority must serve a copy of any report provided under subsection (4) on the transferor and the transferee.
(7)
The Authority may require a person to provide, within the period and in the manner specified by the Authority, any information or document that the Authority may reasonably require for the discharge of its duties or functions, or the exercise of its powers, under this Division.
(8)
Any person who —
without reasonable excuse, fails to comply with any requirement under subsection (7); or
in purported compliance with any requirement under subsection (7), knowingly or recklessly provides any information or document that is false or misleading in a material particular,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $200,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $20,000 for every day or part of a day during which the offence continues after conviction.
(9)
Where a person claims, before providing the Authority with any information or document that the person is required to provide under subsection (7), that the information or document might tend to incriminate the person, the information or document is not admissible in evidence against the person in criminal proceedings other than proceedings under subsection (8).