Singapore legislation
Clause 7
Clause 7
Restriction on opening of branches of a finance company
(1)
No finance company shall open any new branch, agency or office, whether inside or outside Singapore, without submitting an application in writing to the Commissioner.
(2)
In considering such application, the Commissioner may require to be satisfied by an inspection under section 25 of this Act or otherwise, as to —
the financial condition of the company;
the general character of the management of the company;
the adequacy of the capital structure and earning prospects of the company;
the convenience and needs of the community to be served; and
whether the public interest will be served by the opening or, as the case may be, change of location of the place of business.
(3)
Upon being so satisfied as to the matters referred to in subsection (2) of this section, the Commissioner may —
grant the application; or
without assigning any reason therefor, refuse to grant the application,and his decision thereon shall be final.
(4)
Any finance company that fails to comply with subsection (1) of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five hundred dollars for every day during which the default continues.