Singapore legislation

Clause 32

Exemption from Divisions 3 and 4

(1)

The Minister may, in writing, exempt a designated entity from all or any of the provisions of Divisions 3 and 4 of this Part (including the regulations made for the purposes of those provisions).

(2)

An exemption may be granted —

(a)

on the initiative of the Minister; or

(b)

on an application by a designated entity made in the prescribed form and manner.

(3)

An exemption has effect —

(a)

from the date on which it is granted or any later date specified by the Minister; and

(b)

for a period of 5 years or any shorter period specified by the Minister.

(4)

An exemption may be subject to specified conditions or limited to specified circumstances.

(5)

Despite subsection (3)(b), the Minister may at any time cancel an exemption by giving notice to the designated entity.

(6)

The cancellation of an exemption takes effect from —

(a)

the date on which notice is given under subsection (5); or

(b)

any later date specified by the Minister.

(7)

The expiry or cancellation of an exemption does not prevent the Minister from granting another exemption.

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