Interpretation of this Division
49FI.—(1)  In this Division, unless the context otherwise requires —
“business” includes affairs, property, right, obligation and liability;
“certificate” means a certificate of transfer issued by the Minister under section 49FK(1);
“determination” means a determination of the Authority under section 49FJ(1);
“effective controller” means a person who has effective control as defined in section 28(7);
[Act 11 of 2013 wef 18/04/2013]
“property” includes property, right and power of every description;
“transferee” means a person to whom a transferor’s shares are, or are to be, or are proposed to be, transferred under this Division;
“transferor” means a shareholder of a licensed insurer incorporated in Singapore, whose shares in the licensed insurer are, or are to be, or are proposed to be, transferred under this Division.
[16/2011 wef 01/05/2011]
[Act 11 of 2013 wef 18/04/2013]
(2)  This Division shall not apply to a licensed insurer which is a co-operative society.
[16/2011 wef 01/05/2011]
[Act 11 of 2013 wef 18/04/2013]