Singapore legislation

Section 12

of Pawnbrokers Act 2015

Section 12

Substantial shareholding, etc., to be approved by Registrar

(1)

It shall be an offence for a person to —

(a)

become a substantial shareholder of a licensee by increasing the person’s shareholding in the licensee without the Registrar’s approval;

(b)

increase the person’s substantial shareholding in a licensee without the Registrar’s approval; or

(c)

refuse to comply with the Registrar’s direction under subsection (2)(c) to reduce the person’s shareholding in a licensee.

(2)

For the purposes of subsection (1), the Registrar may —

(a)

approve a person to become a substantial shareholder of a licensee by an increase of the person’s shareholding;

(b)

approve an increase of a person’s substantial shareholding in a licensee; or

(c)

subject to section 16, direct a substantial shareholder to reduce its shareholding in a licensee.

(3)

A direction under subsection (2)(c) may not require a person’s shareholding to be reduced beyond what is necessary for the person to cease to be a substantial shareholder in the licensee.

Read in full context — Pawnbrokers Act 2015 →