Singapore legislation
Clause 14
Clause 14
Revocation of licence
(1)
The Commissioner may by order revoke a licence issued under this Act —
if he is satisfied that the chit fund company holding that licence —
has ceased to transact chit fund business in Singapore or is carrying on any other business other than chit fund business;
proposes to make, or has made, any composition or arrangement with its creditors or has gone into liquidation or has been wound up, whether voluntary or involuntary, or otherwise dissolved;
is carrying on its business in a manner likely to be detrimental to the interests of the subscribers of its chit funds or has insufficient assets to cover its liabilities to its subscribers or the public;
is contravening the provisions of this Act or the regulations made thereunder; or
has been convicted of any offence under this Act or the regulations made thereunder or if any of its officers holding a managerial or executive position has been convicted of any offence under this Act or the regulations made thereunder; or
if he considers it in the public interest to do so.
(2)
The Commissioner shall, before revoking any licence under the provisions of subsection (1) of this section, give the chit fund company concerned notice in writing of his intention to do so, specifying a date, not less than twenty-one days after the date of the notice upon which such revocation shall take effect and calling upon the chit fund company to show cause to the Commissioner why such licence should not be revoked.
(3)
When the Commissioner has revoked a licence under the provisions of subsection (1) of this section, he shall forthwith inform the chit fund company by notice in writing of such revocation.
(4)
The chit fund company may, within fourteen days of the receipt of the notice referred to in subsection (3) of this section, or such extended period of time as the Minister may allow, appeal in writing against such revocation to the Minister whose decision thereon shall be final.