Grant and renewal of licence
26.—(1)  An application for the grant or renewal of a licence must be —
(a)made to the licensing officer in such form or manner as may be prescribed;
(b)accompanied by the prescribed fee (if any); and
(c)in the case of an application for the renewal of a licence, made not later than one month or any other period before the expiry of the licence (called in this section the renewal period) that may be prescribed.
(2)  An applicant for the grant or renewal of a licence must, at the licensing officer’s request, provide such further information or evidence that the licensing officer may require to decide the application.
(3)  Upon receipt of an application under subsection (1), the licensing officer may —
(a)grant or renew the licence applied for; or
(b)refuse the application.
(4)  Subject to the provisions of this Act, an applicant of an application under subsection (1) is eligible for the grant or renewal of the licence if, and only if —
(a)the applicant has paid the prescribed fee (if any); and
(b)the applicant satisfies any other requirements that may be prescribed for such grant or renewal.
(5)  Without affecting subsection (4), the licensing officer may refuse to grant a licence to a person or renew the licence of a person if, in the licensing officer’s opinion —
(a)where the person is an individual, the individual is not a fit and proper person to hold or to continue to hold the licence;
(b)where the person is a business entity, the business entity is not a fit and proper person to hold or to continue to hold the licence; or
(c)it is not in the public interest to grant or renew the licence, or the grant or renewal of the licence may pose a threat to national security.
(6)  Where a person submits an application for the renewal of the person’s licence before the start of the renewal period, the licence continues in force until the date on which the licence is renewed or the application for its renewal is refused, as the case may be.
(7)  Any person who, in making an application for the grant or renewal of a licence —
(a)makes any statement or furnishes any particulars, information or document which the person knows to be false or does not believe to be true; or
(b)furnishes any information which the person knows or has reason to believe is misleading in a material particular,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both.
(8)  In deciding for the purposes of this section whether an individual or a business entity is a fit and proper person to hold or continue to hold a licence, the licensing officer may take into account any matter the licensing officer considers relevant, including any of the following:
(a)in the case of an individual —
(i)that the individual has been convicted in Singapore or elsewhere of any offence involving fraud, dishonesty or moral turpitude;
(ii)that the individual has had a judgment entered against the individual in civil proceedings that involves a finding of fraud, dishonesty or breach of fiduciary duty on the part of the individual;
(iii)that the individual is or was suffering from a mental disorder;
(iv)that the individual is an undischarged bankrupt or has entered into a composition with the creditors of the individual; or
(v)that the individual has had a licence revoked by the licensing officer previously;
(b)in the case of a business entity —
(i)that the business entity has been convicted in Singapore or elsewhere of any offence involving fraud, dishonesty or moral turpitude;
(ii)that the business entity has had a judgment entered against the business entity in civil proceedings that involves a finding of fraud, dishonesty or breach of fiduciary duty on the part of the business entity;
(iii)that any officer of the business entity is not a fit and proper person to be an officer of a business entity holding the licence;
(iv)that the business entity is in liquidation or is the subject of a winding up order, or there is a receiver appointed in relation to the business entity, or the business entity has entered into a composition or scheme of arrangement with the creditors of the business entity; or
(v)that the business entity has had a licence revoked by the licensing officer previously.
(9)  In deciding, for the purposes of subsection (8)(b)(iii), whether an officer of a business entity is a fit and proper person to be an officer of a business entity holding a licence, the licensing officer may take into account any matter the licensing officer considers relevant, including any of the matters in subsection (8)(a)(i) to (v) with each reference to the individual substituted with a reference to the officer.
(10)  In this section, “officer of a business entity” means any director or partner of the business entity or other person who is responsible for the management of the business entity.