Singapore legislation
Clause 10
Clause 10
Revocation of licence
(1)
The Commissioner —
shall, by order, revoke the licence of a finance company if the company ceases to carry on the business for which it has been licensed in Singapore or goes into liquidation or is wound up or otherwise dissolved;
may, in his discretion, by order, revoke the licence of a finance company if, in his opinion, the finance company —
is carrying on its business in a manner likely to be detrimental to the interests of its depositors;
has insufficient assets to cover its liabilities to its depositors; or
is contravening or has contravened the provisions of this Act; and
may, also in his discretion, by order, revoke the licence of a finance company —
if the finance company or any of its officers has been convicted of any offence under this Act; or
if he considers it in the public interest to do so:Provided that before revoking any licence, the Commissioner shall give the finance company notice in writing of his intention to do so, specifying a date, not less than twenty-one days after the date of the notice, upon which such revocation will take effect and calling upon the finance company to show cause to the Commissioner why such licence should not be revoked.
(2)
Where the Commissioner has revoked a licence under the provisions of subsection (1) of this section, he shall forthwith inform the finance company by notice in writing of such revocation.
(3)
The finance company may, within fourteen days of the receipt of the notice referred to in subsection (2) of this section, or such extended period as the Minister may allow, appeal in writing against such revocation to the Minister whose decision thereon shall be final.