34. Special provisions relating to non-resident principal
Feedback & supportWhen any fine is imposed on an agent who is or has been licensed under this Act to carry on a moneylending business on behalf of a principal not resident in Singapore, the fine, if it has been imposed in respect of an offence under this Act committed by the agent in the course of carrying on the business shall, unless the court imposing the fine otherwise directs, be recoverable out of the property situate in Singapore belonging to the principal as well as out of the property belonging to the agent and any such property of the principal may be taken in execution and sold under any warrant issued against the agent for the levy of the amount of the fine.
principal
“principal”, in relation to a loan, means the amount actually lent to and received by the borrower;
When it is made to appear to any court by any person entitled to make an application under section 22 that any transaction entered into with a moneylender not resident in Singapore prima facie ought to be reopened, the court may —
moneylender
“moneylender” includes every person whose business is that of moneylending or who carries on or advertises or announces himself or holds himself out in any way as carrying on that business whether or not that person also possesses or earns property or money derived from sources other than the lending of money and whether or not that person carries on the business as a principal or as an agent but does not include —(a)any body corporate, incorporated or empowered by a special Act of Parliament or by any other Act to lend money in accordance with that Act;(b)any society registered under the Cooperative Societies Act;(c)any person bona fide carrying on the business of banking or insurance or bona fide carrying on any business not having for its primary object the lending of money in the course of which and for the purposes whereof he lends money;(d)any pawnbroker licensed under the provisions of any written law in force in Singapore relating to the licensing of pawnbrokers; and(e)any finance company licensed under the Finance Companies Act.
issue an order of attachment attaching any property of the moneylender situate within Singapore until such time as the moneylender submits to the jurisdiction of the court and gives security to the satisfaction of the court that any order made against him for repayment of any sum or for an indemnity will be duly satisfied; and
authorise the service out of the jurisdiction of any summons or other process applying for the reopening of the transaction under section 22.