Singapore legislation
Clause 49
Clause 49
Duration of control
(1)
The Authority shall cease to be in control of the relevant business of a designated financial holding company when the Authority is satisfied that the reasons for its assumption of control of the relevant business have ceased to exist.
(2)
A statutory manager shall be deemed to have assumed control of the relevant business of a designated financial holding company on the date of his appointment as a statutory manager.
(3)
The appointment of a statutory manager in relation to the relevant business of a designated financial holding company may be revoked by the Authority at any time —
if the Authority is satisfied that the reasons for the appointment have ceased to exist; or
on any other ground,and upon such revocation, the statutory manager shall cease to be in control of the relevant business of the designated financial holding company.
(4)
The Authority shall publish in the Gazette the date, and such other particulars as it thinks fit, of —
its assumption of control of the relevant business of a designated financial holding company;
the cessation of its control of the relevant business of a designated financial holding company;
the appointment of a statutory manager in relation to the relevant business of a designated financial holding company; and
the revocation of a statutory manager’s appointment in relation to the relevant business of a designated financial holding company.