Singapore legislation
Clause 8
Clause 8
Mergers, etc., of a finance company
(1)
No finance company carrying on business in Singapore shall be merged or consolidated with or acquire a majority interest in any other finance company without the prior approval of the Commissioner.
(2)
In considering such an application, the Commissioner shall have power to call for such information as he may require.
(3)
The Commissioner may —
(a)
approve the application; or
(b)
refuse the application.
(4)
Any finance company whose application has been refused by the Commissioner may within one month of being notified of the refusal by the Commissioner appeal against his refusal to the Minister whose decision thereon shall be final.