Singapore legislation
Clause 12
Clause 12
Amendment of section 20
Section 20 of the principal Act is hereby amended —
(a)
by renumbering the existing section as subsection (1); and
(b)
by adding thereto the following new subsection: —“(2) Notwithstanding the provisions of subsection (1) of this section, the percentage holding or interest referred to in that subsection may upon the application of a finance company to the Commissioner, and with the consent of the Commissioner, be increased to not more than fifty per centum of the paid-up share capital and published reserves of that finance company.”.