Singapore legislation

Clause 6

of Finance Companies (Amendment) Bill

Clause 6

Amendment of section 10

Subsection (1) of section 10 of the principal Act is hereby amended —

(a)

by deleting the word “or” appearing at the end of sub-paragraph (ii) of paragraph (b) thereof;

(b)

by inserting immediately after sub-paragraph (ii) of paragraph (b) thereof the following new sub-paragraph: —“(iii)carries on business while its paid-up capital (unimpaired by losses or otherwise) is less than five hundred thousand dollars; or”;

(c)

by renumbering the existing sub-paragraph (iii) of paragraph (b) thereof as sub-paragraph (iv); and

(d)

by deleting the words “of its officers” appearing in the first line of sub-paragraph (i) of paragraph (c) thereof and substituting therefor the words “person who is in a managerial or executive position in that finance company”.