55.—(1) Upon assuming control of any business of a licensed credit bureau under section 54(2)(c), the Authority or statutory manager (as the case may be) must take custody or control of the relevant business.
(2) During the period when the Authority or statutory manager is in control of a licensed credit bureau’s relevant business, the Authority or statutory manager —
(a)
must manage the relevant business in the name of and on behalf of the licensed credit bureau; and
(b)
is treated as an agent of the licensed credit bureau.
(3) In managing the licensed credit bureau’s relevant business, the Authority or statutory manager —
(a)
must ensure that the operations of the licensed credit bureau are conducted without compromising the confidentiality, security or integrity of any data held by the licensed credit bureau; and
(b)
has all the duties, powers and functions of the members of the board of directors of the licensed credit bureau (collectively and individually) under —
(i)
this Act;
(ii)
the Companies Act 1967; and
(iii)
the licensed credit bureau’s constitution,
including powers of delegation, in relation to the relevant business.
(4) Despite subsection (3), the Authority or statutory manager is not required to call any meeting of the licensed credit bureau under the Companies Act 1967 or the licensed credit bureau’s constitution.
(5) Despite any written law or rule of law —
(a)
upon the Authority or statutory manager assuming control of any business of a licensed credit bureau under section 54(2)(c), any appointment of an individual as chief executive officer or director of the licensed credit bureau that was in force immediately before the assumption of control is treated as revoked, unless the Authority gives its approval, by written notice to the individual and the licensed credit bureau, for the individual to remain in the appointment; and
(b)
during the period when the Authority or statutory manager is in control of the licensed credit bureau’s relevant business, an individual must not be appointed as chief executive officer or director of the licensed credit bureau, except with the approval of the Authority.
(6) Where the Authority has given its approval under subsection (5) for an individual to remain in the appointment of, or to be appointed as, chief executive officer or director of a licensed credit bureau, the Authority may at any time, by written notice to the individual, revoke its approval and such appointment is treated as revoked on the date specified in the notice.
(7) Despite any written law or rule of law, if any individual whose appointment as chief executive officer or director of a licensed credit bureau is revoked under subsection (5) or (6), acts or purports to act after the revocation as chief executive officer or director of the licensed credit bureau during the period when the Authority or statutory manager is in control of the licensed credit bureau’s relevant business under section 54(2)(c) —
(a)
the act or purported act of the individual is invalid and of no effect; and
(b)
the individual shall be guilty of an offence.
(8) Despite any written law or rule of law, if any individual who is appointed as chief executive officer or director of a licensed credit bureau in contravention of subsection (5) acts or purports to act as chief executive officer or director of the licensed credit bureau during the period when the Authority or statutory manager is in control of the licensed credit bureau’s relevant business under section 54(2)(c) —
(a)
the act or purported act of the individual is invalid and of no effect; and
(b)
the individual shall be guilty of an offence.
(9) During the period when the Authority or statutory manager is in control of a licensed credit bureau’s relevant business —
(a)
if there is any conflict or inconsistency between —
(i)
a direction or decision given by the Authority or statutory manager (including a direction or decision given to a person or body of persons mentioned in sub‑paragraph (ii)); and
(ii)
a direction or decision given by any chief executive officer, director, member, executive officer, employee, agent, office‑holder, or the board of directors, of the licensed credit bureau, or any trustee for the licensed credit bureau,
the direction or decision mentioned in sub‑paragraph (i) prevails over the direction or decision mentioned in sub‑paragraph (ii) to the extent of the conflict or inconsistency; and
(b)
a person must not exercise any voting or other right attached to any share in the licensed credit bureau in any manner that may defeat or interfere with any duty, power or function of the Authority or statutory manager, and any such act or purported act is invalid and of no effect.
(10) Any individual who is guilty of an offence under subsection (7) or (8) shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both and, in the case of a continuing offence, to a further fine not exceeding $12,500 for every day or part of a day during which the offence continues after conviction.