Singapore legislation
Clause 8
Clause 8
Amendment of section 12
Section 12 of the principal Act is amended by deleting subsection (4) and substituting the following subsection:“(4) The Authority may revoke an approval granted to a corporation under section 9 on any ground referred to in subsection (1) on the basis of any of the following circumstances without giving the corporation an opportunity to be heard:
the corporation 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 corporation;
the corporation 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.”.