Singapore legislation
Clause 33
Clause 33
Memorandum and articles of association of a finance company
(1)
Every company that was not carrying on financing business in Singapore before the date of the coming into operation of this Act shall, before it is granted a licence by the Commissioner to carry on financing business under this Act, include in its memorandum of association or articles of association the restrictions, limitations and prohibitions contained in sections 17, 18, 19, 20 and 21 of this Act.
(2)
Every company that —
has carried on financing business in Singapore before the date of the coming into operation of this Act; and
is licensed under this Act,but whose memorandum of association or articles of association do not include all or any of the restrictions, limitations or prohibitions contained in sections 17, 18, 19, 20 and 21 of this Act, shall be deemed to have included in its memorandum of association or articles of association all or any of such restrictions, limitations or prohibitions as are not so included.
(3)
To the extent that any such restriction, limitation or prohibition so deemed to have been included in those memorandum of association or articles of association under subsection (2) of this section, is inconsistent with any provision already included in the memorandum of association or articles of association that restriction, limitation or prohibition shall prevail over such provision.