Singapore legislation

Clause 20

of Finance Companies (Amendment) Bill

Clause 20

Amendment of section 35

Section 35 of the principal Act is hereby amended —

(a)

by renumbering the existing section as subsection (1); and

(b)

by adding thereto the following new subsection: —“(2) The Commissioner may, without instituting proceedings against any person for any offence under this Act, or any regulations made thereunder, which is punishable only by a fine or a default penalty, demand and receive the amount of such fine or default penalty or such reduced amount as he thinks fit from such person, whereupon —

(a)

if such person pays such amount to the Commissioner within fourteen days after the demand, no proceedings shall be taken against him in relation to the offence; and

(b)

if such person does not so pay the amount so demanded, the Commissioner may cause proceedings to be instituted in relation to the offence.”.