25. Restrictions on trade by finance companies

Terms defined in this Act

• business

  business

  Defined · s 34A

  “business” includes affairs and property;

  Open s 34A
• finance company

  finance company

  Defined · s 2

  “finance company” means any company licensed under this Act to carry on financing business, and all branches and offices in Singapore of such a company are deemed to be one finance company for the purposes of this Act;

  Open s 2
• financing business

  financing business

  Defined · s 2

  “financing business” means the business of —(a)borrowing money from the public, by acceptance of deposits and issuing certificates or other documents acknowledging or evidencing indebtedness to the public and undertaking to repay the money on call or after an agreed maturity period; and(b)lending money to the public or to a company deemed to be related to the finance company by virtue of section 6 of the Companies Act 1967 (called in this Act the related company) on the basis that the public or the related company undertakes to repay the money, whether within an agreed period of time or not, or by instalments,and includes the business of financing hire-purchase transactions arising out of hire-purchase agreements, as defined in the Hire-Purchase Act 1969, where the money used, or to be used, for such business is borrowed from the public and such other business as the Authority may prescribe for the purposes of this Act;

  Open s 2