Singapore legislation
Section 38
Section 38
Revocation of approval
(1)
The Authority may revoke any approval of a holder as an approved holder if the Authority is satisfied that —
the holder has contravened any condition or restriction imposed by the Authority under this Act;
the Authority has cancelled the approval to the approved bank under section 37(2); or
the Authority considers it appropriate to do so.
(2)
The Authority may revoke any approval of a bank in Singapore as an approved bank if the Authority is satisfied that —
the bank has contravened any condition or restriction imposed by the Authority under this Act;
the Authority has cancelled the approval to the approved holder under section 37(1); or
the Authority considers it appropriate to do so.
(3)
Subject to subsection (4), the Authority shall not revoke the approval that was granted to a holder or bank in Singapore under section 35 (1) without giving the holder or bank, as the case may be, an opportunity to be heard.
(4)
The Authority may revoke an approval that was granted to a holder or bank in Singapore under section 35 (1) in any of the following circumstances without giving the holder or bank, as the case may be, an opportunity to be heard:
the holder or bank is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;
a receiver, a receiver and manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the holder or bank;
the holder or bank has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that he or it had acted fraudulently or dishonestly.
(5)
A holder or bank in Singapore that is aggrieved by the decision of the Authority to revoke the approval under subsection (1) or (2) may, within 30 days after the holder or bank, as the case may be, is notified of the decision, appeal in writing to the Minister whose decision shall be final.
(6)
Any revocation of approval granted to the approved holder or approved bank under this section shall not operate so as to —
avoid or affect any agreement, transaction or arrangement entered into by the holder or bank for which approval is revoked, whether the agreement, transaction or arrangement was entered into before or after the revocation of the approval; or
affect any right, obligation or liability arising under such agreement, transaction or arrangement.