Singapore legislation
Clause 21
Clause 21
Restrictions on holding immovable property by finance companies
No finance company shall purchase or acquire any immovable property, or any right, title or interest therein, except as may be reasonably necessary for the purpose of conducting its business or of housing or providing amenities for its staff but this shall not prevent a finance company —
(a)
from letting part of any building which is used for the purpose of conducting its business; or
(b)
from securing a debt on any immovable property and in the event of default in payment of such debt, from holding that immovable property for realisation by sale or auction at the earliest suitable moment.