Singapore legislation
Clause 5
Clause 5
Application for licence
(1)
As from the date of the coming into operation of this Act, any public company proposing to conduct financing business in Singapore shall, before commencing any such business, apply in writing to the Commissioner for a licence under this Act.
(2)
In considering any application by a public company for a licence the Commissioner may require to be satisfied as to —
the financial condition of the company;
the character of the management of the company;
the adequacy of the capital structure and earning prospects of the company;
the objects of the company as disclosed in its memorandum of association;
the convenience and needs of the community to be served; and
whether the public interest will be served by the granting of a licence.
(3)
The Commissioner, with the approval of the Minister, may grant a licence with or without conditions, or refuse to grant a licence.
(4)
The Commissioner may at any time vary or revoke any existing conditions of a licence or impose additional conditions.
(5)
Where a licence is granted subject to conditions the finance company shall comply with those conditions and any finance company that fails to comply with any conditions of its licence shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five thousand dollars.