Finance Companies Act 1967 · 2020 Revised Edition · Part 6 · Inspection and Control of Finance Companies
37. Duration of control
Feedback & supportLast amended by an amending law of 2013.
The Authority must cease to be in control of the relevant business of a finance company when the Authority is satisfied that —
the reasons for the Authority’s assumption of control of the relevant business have ceased to exist; or
it is no longer necessary for the protection of the depositors of the finance company.
A statutory manager is deemed to have assumed control of the relevant business of a finance company on the date of the statutory manager’s appointment as a statutory manager.
statutory manager
“statutory manager” means a statutory manager appointed under section 35.
The appointment of a statutory manager in relation to the relevant business of a finance company may be revoked by the Authority at any time —
relevant business
“relevant business” means any business of a finance company —(a)which the Authority has assumed control of under section 35; or(b)in relation to which a statutory adviser or a statutory manager has been appointed under section 35;
if the Authority is satisfied that —
the reasons for the appointment have ceased to exist; or
it is no longer necessary for the protection of the depositors of the finance company; or
on any other ground,and upon such revocation, the statutory manager ceases to be in control of the relevant business of the finance company.
The Authority must, as soon as practicable, publish in the Gazette the date, and any other particulars that the Authority thinks fit, of —
the Authority’s assumption of control of the relevant business of a finance company;
the cessation of the Authority’s control of the relevant business of a finance company;
the appointment of a statutory manager in relation to the relevant business of a finance company; and
the revocation of a statutory manager’s appointment in relation to the relevant business of a finance company.