Singapore legislation

Clause 10

of Pawnbrokers Bill

Clause 10

Grounds for refusing to grant or renew licence

(1)

A licence cannot be granted to a person who is not a company incorporated in Singapore.

(2)

A licence may be granted or renewed only in such circumstances as may be prescribed.

(3)

The Registrar may, in particular, refuse to grant or renew a licence on the following grounds:

(a)

the prescribed fee for the grant or renewal (as the case may be) of the licence is not paid;

(b)

the application for the grant or renewal (as the case may be) —

(i)

contains materially false or misleading information; or

(ii)

is materially incomplete;

(c)

the applicant for the grant or renewal (as the case may be) —

(i)

does not have a paid-up share capital that is equal to or greater than the prescribed amount; or

(ii)

has carried on the business of pawnbroking in Singapore or elsewhere in a way that, in the opinion of the Registrar, renders the applicant unfit to hold a licence;

(d)

in the Registrar’s opinion, the proposed place of business —

(i)

is unsuitable for carrying on the business of pawnbroking; or

(ii)

is situated at a location that is unsuitable for carrying on the business of pawnbroking;

(e)

a substantial shareholder of the applicant —

(i)

is a disqualified person; or

(ii)

has carried on the business of pawnbroking in Singapore or elsewhere in a way that, in the opinion of the Registrar, renders the applicant unfit to hold a licence;

(f)

a person who is (or is proposed to be) a director or a manager of the applicant —

(i)

is below 21 years of age;

(ii)

is a disqualified person;

(iii)

is, in the opinion of the Registrar, not of good character;

(iv)

is, in the opinion of the Registrar, not a fit and proper person to carry on or manage the applicant’s business of pawnbroking; or

(v)

has carried on the business of pawnbroking in Singapore or elsewhere in a way that, in the opinion of the Registrar, renders the applicant unfit to hold a licence; or

(g)

a person who is (or is proposed to be) a manager of the applicant —

(i)

is not ordinarily resident in Singapore;

(ii)

will not be ordinarily resident in Singapore while the person holds such position; or

(iii)

does not, in the opinion of the Registrar, possess adequate qualifications or experience for such position.

Read in full context — Pawnbrokers Bill →