12. Approval of partners or directors
Feedback & supportLast amended by an amending law of 2005.
No holder of a money-changer’s licence shall —
licence
“licence” means a money-changer’s licence or a remittance licence, as the case may be, granted under this Act;
where the holder is a partnership (including a limited liability partnership), appoint a person as a partner; or
where the holder is a company, appoint a person as its director,unless the holder has obtained the approval of the Authority.
No holder of a remittance licence shall appoint a person as its director unless it has obtained the approval of the Authority.
remittance licence
“remittance licence” means a licence granted under this Act authorising the holder thereof to carry on remittance business;
Where a licensee has obtained the approval of the Authority to appoint a person as its director under subsection (1)(b) or (2), the person may be re-appointed without break as director of the licensee immediately upon the expiry of his earlier term without the approval of the Authority.
licensee
“licensee” means the holder of a money-changer’s licence or a remittance licence, as the case may be;
Without prejudice to any other matter that the Authority may consider relevant, the Authority may, in determining whether to grant its approval under subsection (1) or (2), have regard to such criteria as may be prescribed or specified in written directions.
Any person who contravenes subsection (1) or (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000. [9A