Singapore legislation

Clause 16

of Finance Companies (Amendment) Bill

Clause 16

Miscellaneous amendments — penalties

The principal Act is amended —

(a)

by deleting the words “five thousand dollars” in section 3(2) and substituting “$20,000”;

(b)

by deleting the words “one thousand dollars” in section 5(1) and substituting “$5,000”;

(c)

by deleting the words “one thousand dollars” and “one hundred dollars” in section 5(2) and substituting “$5,000” and “$500”, respectively;

(d)

by deleting the words “five hundred dollars” in section 8(4) and substituting “$2,000”;

(e)

by deleting the words “three hundred dollars” in section 10(4) and substituting “$1,000”;

(f)

by deleting the words “one thousand dollars” in section 16(3) and substituting “$5,000”;

(g)

by deleting the words “two thousand dollars” in section 19(3) and substituting “$10,000”;

(h)

by deleting the words “interest charge of not less than one-fifteenth of one per cent of the amount of the deficiency” in section 25(5) and substituting “interest charge of $100 per day or such larger amount as the Authority may determine”;

(i)

by deleting the words “two thousand dollars” and “two hundred and fifty dollars” in section 26(5) and substituting “$10,000” and “$1,000”, respectively;

(j)

by deleting the words “five thousand dollars” in section 35(3) and substituting “$20,000”;

(k)

by deleting the words “five thousand dollars” in section 36(1) and substituting “$20,000”;

(l)

by deleting the words “five thousand dollars” in section 37(1) and substituting “$20,000”; and

(m)

by deleting the words “four thousand dollars” in section 38 and substituting “$15,000”.

Read in full context — Finance Companies (Amendment) Bill →