Singapore legislation
Section 61
Section 61
Registrar’s control over designated credit bureau
(1)
This section and sections 62 to 65 apply —
after the written notice of the Registrar under section 58(1) cancelling the designation of the designated credit bureau has been served, but before the cancellation takes effect; or
after the application for the cancellation of the designation of the designated credit bureau is made by the designated credit bureau under section 59(1), but before the cancellation takes effect.
(2)
The Registrar may do any one or more of the following:
direct the designated credit bureau to transfer all data in the possession or under the control of the designated credit bureau to the subsequent designated credit bureau or a statutory manager;
without limiting paragraph (a), require that the designated credit bureau comply with the plan submitted by the designated credit bureau and approved by the Registrar under section 56(3);
require the designated credit bureau to immediately take any action or to do or not to do any act as the Registrar may consider necessary to ensure continuity in the performance of the functions set out in section 57 by the subsequent designated credit bureau or a statutory manager;
appoint one or more persons as statutory manager to assume control of and manage such of the business (including affairs and property) of the designated credit bureau under this Part on such terms as the Registrar may specify.
(3)
Where the Registrar appoints 2 or more persons as statutory manager of the designated credit bureau, the Registrar must specify, in the terms of the appointment, which of the duties, functions and powers of the statutory manager —
may be discharged or exercised by those persons jointly and severally;
must be discharged or exercised by those persons jointly; and
must be discharged or exercised by a specified person.
(4)
Where the Registrar has exercised any power under subsection (2), the Registrar may at any time do one or more of the following:
vary or revoke any requirement of, any appointment made by, or any action taken by, the Registrar under subsection (2), on such terms as the Registrar may specify;
add to, vary or revoke any term the Registrar has specified under this section.
(5)
A statutory manager incurs no liability for anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the course of or in connection with —
the exercise or purported exercise of any power under this Part;
the performance or purported performance of any function or duty under this Part; or
the compliance or purported compliance with this Part.
(6)
Where the designated credit bureau, without reasonable excuse, fails to comply with a direction or requirement of the Registrar under subsection (2)(a), (b) or (c), the designated credit bureau shall be guilty of an offence and shall be liable on conviction —
to a fine not exceeding $100,000; and
in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.[30I