Singapore legislation
Clause 34
Clause 34
Deletion of designated entity
(1)
Subject to subsection (2), before deleting a designated entity from the Third Schedule under section 33(1), the Commission shall give the designated entity notice in writing of its intention to do so and an opportunity to submit reasons, within such period as the Commission may specify in that notice, as to why the designated entity should not be deleted.
(2)
Subsection (1) shall not apply in the case where the designated entity requests in writing that it be deleted from the Third Schedule.
(3)
Any order under section 33(1) deleting a designated entity from the Third Schedule shall not take effect until the expiration of not less than 30 days after the date on which the Commission informs the designated entity of its decision to delete the designated entity from the Third Schedule.
(4)
If a designated entity is deleted from the Third Schedule —
it shall immediately cease to register, or renew the registration of, any person as a chartered accountant; and
every person who, on the eve of the deletion, is registered with it as a chartered accountant shall cease to be a registered chartered accountant under this Act on the expiry of such period after the deletion as the Commission may specify, by notification published in the Gazette (referred to in this section as the transitional period), unless before the expiry of the transitional period —
he becomes a member of another designated entity (referred to in this section as the successor designated entity); and
the successor designated entity certifies that he satisfies the requirements relating to chartered accountants specified in its membership rules.
(5)
Any person referred to in subsection (4) who, before the expiry of the transitional period, becomes a member of and is certified by the successor designated entity under paragraph (b)(ii) of that subsection shall, on the date of being so certified, be deemed to be registered as a chartered accountant by the successor designated entity under this Act and for such period that is equal to the remaining period of validity of his registration as a chartered accountant with the deleted designated entity but for the deletion.
(6)
Every person registered as a chartered accountant with a designated entity on the eve of the deletion of the designated entity from the Third Schedule shall, notwithstanding the deletion, be deemed to be registered as a chartered accountant under this Act during —
the transitional period; or
the period commencing on the date of the deletion and ending on the date immediately before the date on which he is deemed to be registered as a chartered accountant by the successor designated entity under subsection (5),whichever is the shorter.
(7)
For the purposes of subsection (5), the remaining period of validity of the registration of a chartered accountant with a deleted designated entity shall be the period during which such registration would have been valid but for the deletion of the designated entity less the period during which he is deemed to be registered as a chartered accountant under subsection (6).