Singapore legislation
Clause 5
Clause 5
Repeal and re-enactment of section 14
Section 14 of the principal Act is hereby repealed and the following substituted therefor: —“Registrar to grant or renew dealer’s licence to a corporation or investment adviser’s licence to an individual or corporation in certain circumstances14.—
A dealer’s licence shall only be granted to a corporation.(2) The Registrar shall grant or renew a dealer’s licence if —
after consideration of the character of the directors and secretary of the corporation and of the corporation’s financial position; and
after consideration of the interests of the public,he is of the opinion that the applicant corporation is a fit and proper person to hold the licence applied for.(3) The Registrar shall grant or renew an investment adviser’s licence if —
after consideration —
where the applicant is an individual — of the character and financial position of the applicant;
where the applicant is a corporation — of the character of the directors and secretary of the corporation and of the corporation’s financial position; and
after consideration of the interests of the public,he is of the opinion that the applicant is a fit and proper person to hold the licence applied for.”.