Singapore legislation
Clause 22
Clause 22
Special administration order made on application by Authority
(1)
If an application is made to the Minister by the Authority and the Minister is satisfied that any one or more of the grounds specified in subsection (2) is satisfied in relation to a licensee, the Minister may make any one or both of the following orders:
a special administration order in relation to that licensee; and
an order requiring the licensee forthwith to take any action or to do or not to do any act or thing in relation to its business as the Minister may consider necessary.
(2)
The grounds mentioned in subsection (1) are that —
the licensee has failed to discharge or has not discharged to the Minister’s satisfaction the obligations imposed by the Authority on the licensee;
the licensee has had its licence suspended or cancelled under section 13; or
it is in the public interest.
(3)
Notice of any order under subsection (1) shall be given forthwith by the Authority to such persons and in such manner as it thinks fit.
(4)
Where a licensee is a company —
the licensee shall not be wound up voluntarily without the consent of the Authority;
no judicial management order under Part VIIIA of the Companies Act (Cap. 50) shall be made in relation to the licensee; and
no step shall be taken by any person to enforce any security over the licensee’s property unless that person has served on the Authority not less than 14 days’ notice of his intention to take that step.
(5)
The Authority shall be a party to any proceedings under the Companies Act relating to the winding up of the affairs of a company which is a licensee.
(6)
Any decision of the Minister under subsection (1) shall be final.