Singapore legislation

Clause 14

Power to call for repayment before agreed period

Notwithstanding any agreement to the contrary, and without prejudice to any other rights or remedies which it may possess under the law, the Board may by notice require any industrial enterprise, to which it has granted any loan or advance, forthwith to discharge in full its liabilities to the Board —

(a)

if it appears to the Board that false or misleading information in any material particular was given in the application for the loan or advance; or

(b)

if the industrial enterprise has failed to comply with the terms of its contract with the Board in the matter of the loan or advance; or

(c)

if there is a reasonable apprehension that the industrial enterprise is unable to pay its debts or that proceedings for liquidation may be commenced in respect thereof; or

(d)

if the property pledged, mortgaged, hypothecated or assigned to the Board as security for the loan or advance is not insured and kept insured by the industrial enterprise to the satisfaction of the Board, or depreciates in value, in the opinion of the Board, by more than twenty per centum, and further security to the satisfaction of the Board is not given; or

(e)

if, without the permission of the Board, machinery and other equipment, whether forming part of the security or otherwise, is removed from the premises of the industrial enterprise without being replaced; or

(f)

if for any reason it is necessary in the opinion of the Board to protect the interests of the Board.

Read in full context — Economic Development Board Ordinance →