Singapore legislation
Clause 6
Clause 6
New section 11A
The principal Act is amended by inserting, immediately after section 11, the following section:“Effect of revocation of a licence11A.—
(1)
Where an order of revocation becomes effective under section 11 —
(a)
notice of the revocation shall be published in the Gazette; and
(b)
the finance company shall, as from the date of the notice, cease to transact any financing business in Singapore except as may be approved by the Authority for the purpose of winding up its financing business.(2) Subsection (1)(b) shall not prejudice the enforcement by any person of any right or claim against the finance company or by the finance company of any right or claim against any person.”.