Finance Companies Act 1967 · 2020 Revised Edition · Part 6A · Voluntary Transfer of Business
39B. Voluntary transfer of business
Feedback & supportLast amended by an amending law of 2013.
A transferor may transfer the whole or any part of its business (including any business that is not financing business) to a transferee, if —
transferor
“transferor” means a finance company the whole or any part of the business of which is, is to be, or is proposed to be transferred under this Part.
the Authority has consented to the transfer;
the transfer involves the whole or any part of the financing business of the transferor; and
the Court has approved the transfer.
Subsection (1) does not affect the right of a finance company to transfer the whole or any part of its business under any law.
finance company
“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;
The Authority may consent to a transfer under subsection (1)(a) if the Authority is satisfied that —
the transferee is a fit and proper person; and
the transferee will conduct the business of the transferor prudently and comply with the provisions of this Act.
The Authority may at any time appoint one or more persons to perform an independent assessment of, and provide a report on, the proposed transfer of a transferor’s business (or any part thereof) under this Part.
The remuneration and expenses of any person appointed under subsection (4) must be paid by the transferor and the transferee jointly and severally.
The Authority must serve a copy of any report provided under subsection (4) on the transferor and the transferee.
transferee
“transferee” means a finance company, or a company which has applied or will be applying for a licence to carry on financing business in Singapore, to which the whole or any part of a transferor’s business is, is to be or is proposed to be transferred under this Part;
The Authority may require a person to provide, within the period and in the manner specified by the Authority, any information or document that the Authority may reasonably require for the discharge of its duties or functions, or the exercise of its powers, under this Part.
Any person who —
without reasonable excuse, fails to comply with any requirement under subsection (7); or
in purported compliance with any requirement under subsection (7), knowingly or recklessly provides any information or document that is false or misleading in a material particular,shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $2,000 for every day or part of a day during which the offence continues after conviction.
Where a person claims, before providing the Authority with any information or document that the person is required to provide under subsection (7), that the information or document might tend to incriminate the person, the information or document is not admissible in evidence against the person in criminal proceedings other than proceedings under subsection (8).