Singapore legislation
Section 81ZA
Section 81ZA
Obligation to notify Authority of certain matters
(1)
An approved holding company must, as soon as practicable after the occurrence of any of the following circumstances, notify the Authority of the circumstance:
any material change to the information provided by the approved holding company in its application under section 81V(1);
the carrying on of any activity by the approved holding company other than such activity or such class of activities prescribed by regulations made under section 81ZK;
the acquisition by the approved holding company of a substantial shareholding in a corporation, which carries on any activity other than such activity or such class of activities prescribed by regulations made under section 81ZK;
any other matter that the Authority may prescribe by regulations made under section 81ZK for the purposes of this paragraph or specify by written notice to the approved holding company.
(2)
Without limiting section 81ZL(1), the Authority may, at any time after receiving a notification referred to in subsection (1), issue directions to the approved holding company —
where the notification relates to a matter referred to in subsection (1)(b) —
to cease carrying on the firstmentioned activity referred to in subsection (1)(b); or
to carry on the firstmentioned activity referred to in subsection (1)(b) subject to such conditions or restrictions as the Authority may impose, if the Authority is of the opinion that this is necessary for any purpose referred to in section 81ZL(1); or
where the notification relates to a matter referred to in subsection (1)(c) —
to dispose of the shareholding referred to in subsection (1)(c); or
to exercise its rights relating to such shareholding subject to such conditions or restrictions as the Authority may impose, if the Authority is of the opinion that this is necessary for any purpose referred to in section 81ZL(1),and the approved holding company must comply with such directions.
(3)
Any approved holding company which contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $200,000 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.