Singapore legislation
Clause 45
Clause 45
Firms that have been carrying on financing business
(1)
Notwithstanding section 6 of this Act, any firm that has been carrying on financing business in Singapore before the 5th day of December, 1967, may apply for and may be granted a licence if such firm incorporates itself as a public company within three months of the date of the coming into operation of this Act.
(2)
A licence granted under subsection (1) of this section may be valid for such period as the Commissioner may decide and be subject to such conditions as the Commissioner may impose.