Singapore legislation
Clause 7
Clause 7
Application for licence
(1)
A public company which desires authority to carry on chit fund business in Singapore shall apply in writing to the Commissioner for a licence under this section and shall supply —
a copy of the memorandum of association and articles of association or other instrument under which the company is incorporated, duly verified by a statutory declaration made by a senior officer of the company;
a copy of the latest balance-sheet of the company; and
such other information as may be called for by the Commissioner.
(2)
In considering any application by a public company for a licence the Commissioner may require to be satisfied as to —
the financial character of the company;
the character of the management of the company;
the adequacy of the capital structure of the company and earning prospects of the company;
the objects of the company as disclosed in its memorandum of association;
the convenience and needs of the community to be served;
whether the public interest will be served by granting of a licence.
(3)
The Commissioner, with the approval of the Minister, may grant a licence with or without conditions, or refuse to grant a licence.
(4)
The Commissioner may at any time vary or revoke any existing conditions of a licence or impose conditions or additional conditions thereto.
(5)
Where a licence is subject to conditions the chit fund company shall comply with those conditions.
(6)
Any chit fund company which fails to comply with any of the conditions of its licence shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five thousand dollars and, in the case of a continuing offence, to a further fine of one thousand dollars for every day during which the offence continues after conviction.