Singapore legislation
Section 62
Section 62
Assumption of control
(1)
Upon assuming control of any business of the designated credit bureau under section 61(2)(d), the statutory manager must take custody or control of the relevant business.
(2)
During the period when the statutory manager is in control of the relevant business of the designated credit bureau, the statutory manager must manage the relevant business in the name of and on behalf of the designated credit bureau.
(3)
In managing the relevant business of the designated credit bureau, the statutory manager —
must ensure that the operations of the designated credit bureau are conducted without compromising the confidentiality, security or integrity of any data held by the designated credit bureau; and
has all the duties, powers and functions of the members of the board of directors (collectively and individually) of the designated credit bureau, including powers of delegation, in relation to the relevant business, under —
the Companies Act 1967; and
the constitution of the designated credit bureau.
(4)
Despite subsection (3), the statutory manager is not required to call any meeting of the designated credit bureau under the Companies Act 1967 or the constitution of the designated credit bureau.
(5)
Despite any written law or rule of law —
upon the statutory manager assuming control of any business of the designated credit bureau under section 61(2)(d), any appointment of an individual as chief executive officer or director of the designated credit bureau that was in force immediately before the assumption of control is treated as revoked, unless the Registrar gives his or her approval, by written notice to the individual and the designated credit bureau, for the individual to remain in the appointment; and
during the period when the statutory manager is in control of the relevant business of the designated credit bureau, an individual must not be appointed as chief executive officer or director of the designated credit bureau, except with the Registrar’s approval.
(6)
Where the Registrar has given his or her approval under subsection (5) for an individual to remain in the appointment of, or to be appointed as, chief executive officer or director of the designated credit bureau, the Registrar may at any time, by written notice to the individual, revoke the approval and the appointment is treated as revoked on the date specified in the notice.
(7)
Despite any written law or rule of law, if any individual whose appointment as chief executive officer or director of the designated credit bureau is revoked under subsection (5) or (6) acts or purports to act after the revocation as chief executive officer or director of the designated credit bureau during the period when the statutory manager is in control of the relevant business of the designated credit bureau under section 61(2)(d) —
the act or purported act of the individual is invalid and of no effect; and
the individual shall be guilty of an offence if the individual so acts or purports to act without reasonable excuse.
(8)
Despite any written law or rule of law, if any individual who is appointed as chief executive officer or director of the designated credit bureau in contravention of subsection (5) acts or purports to act as chief executive officer or director of the designated credit bureau during the period when the statutory manager is in control of the relevant business of the designated credit bureau under section 61(2)(d) —
the act or purported act of the individual is invalid and of no effect; and
the individual shall be guilty of an offence if the individual so acts or purports to act without reasonable excuse.
(9)
During the period when the statutory manager is in control of the relevant business of the designated credit bureau —
if there is any conflict or inconsistency between —
a direction or decision given by the statutory manager (including a direction or decision given to a person or body of persons mentioned in sub‑paragraph (ii)); and
a direction or decision given by any chief executive officer, director, member, executive officer, employee, agent, office-holder, or the board of directors, of the designated credit bureau or any trustee for the designated credit bureau,the direction or decision mentioned in sub-paragraph (i) prevails over the direction or decision mentioned in sub‑paragraph (ii) to the extent of the conflict or inconsistency; and
a person must not exercise any voting or other right attached to any share in the designated credit bureau in any manner that may defeat or interfere with any duty, power or function of the statutory manager, and any such act or purported act is invalid and of no effect.
(10)
Any individual who is guilty of an offence under subsection (7) or (8) shall be liable on conviction —
to a fine not exceeding $125,000 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 $12,500 for every day or part of a day during which the offence continues after conviction.[30J