Singapore legislation
Clause 6
Clause 6
Amendment of section 10
Subsection (1) of section 10 of the principal Act is hereby amended —
by deleting the word “or” appearing at the end of sub-paragraph (ii) of paragraph (b) thereof;
by inserting immediately after sub-paragraph (ii) of paragraph (b) thereof the following new sub-paragraph: —“(iii)carries on business while its paid-up capital (unimpaired by losses or otherwise) is less than five hundred thousand dollars; or”;
by renumbering the existing sub-paragraph (iii) of paragraph (b) thereof as sub-paragraph (iv); and
by deleting the words “of its officers” appearing in the first line of sub-paragraph (i) of paragraph (c) thereof and substituting therefor the words “person who is in a managerial or executive position in that finance company”.