Singapore legislation
Clause 2
Clause 2
Amendment of section 2
Section 2 of the Finance Companies Act, 1967 (hereinafter in this Act referred to as “the principal Act”) is hereby amended —
by deleting the expression “, which period shall be not less than one month of the original acceptance of any deposit” appearing in the last three lines of paragraph (a) of the definition of “financing business” therein; and
by deleting the expression “or not, or by instalments;” appearing at the end of paragraph (b) of the definition of “financing business” therein and substituting therefor the following: —“or not, or by instalments,and shall include the business of financing hire-purchase transactions arising out of hire-purchase agreements, as defined in the Hire-Purchase Act, 1969 (Act 1 of 1969), where the money used, or to be used, for such business is borrowed from the public;”.