Singapore legislation
Clause 20
Clause 20
Amendment of section 50
Section 50 of the principal Act is amended by deleting subsection (7) and substituting the following subsection:“(7) The Authority may revoke an exemption granted to a person under subsection (3) on any ground referred to in subsection (4) on the basis of any of the following circumstances without giving the person an opportunity to be heard:
the person is in the course of being wound up or otherwise dissolved, whether in Singapore or elsewhere;
a receiver, a receiver and manager or an equivalent person has been appointed, whether in Singapore or elsewhere, in relation to or in respect of any property of the person;
the person has been convicted, whether in Singapore or elsewhere, of an offence involving fraud or dishonesty or the conviction for which involved a finding that it had acted fraudulently or dishonestly.”.