Singapore legislation
Clause 7
Clause 7
Withdrawal of exemption
(1)
The Authority may withdraw an exemption granted to an exempt member under section 6(2) if —
the exempt member fails to comply with a condition or restriction imposed in respect of the exemption; or
the Authority considers it necessary in the public interest.
(2)
Before withdrawing any exemption granted to an exempt member under section 6(2), the Authority shall —
give the exempt member notice in writing of its intention to do so; and (b)in the notice referred to in paragraph (a), call upon the exempt member to show cause within such time as may be specified in the notice why the exemption should not be withdrawn.
(3)
If the exempt member referred to in subsection (2) —
fails to show cause within the time specified in the notice or within such extended period of time as the Authority may allow; or (b)fails to show sufficient cause,the Authority shall give notice in writing to the exempt member of the date on which the withdrawal of the exemption is to take effect.
(4)
Where a withdrawal of exemption becomes effective, the Authority shall publish a notice of the withdrawal in the Gazette.