Division 1 General provisions
Division 2 Compulsory transfer of business of pertinent financial institution
Division 3 Compulsory transfer of shares of pertinent financial institution
Division 4 Compulsory restructuring of share capital of pertinent financial institution
Division 5 Assistance to foreign resolution authorities and domestic authorities
Division 6 Miscellaneous
| Division 1 — General provisions |
| Interpretation of this Part |
30AAK. In this Part, unless the context otherwise requires —
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| Exercise of powers under Divisions 2, 3 and 4 of this Part |
30AAL. In determining whether to exercise its powers under Divisions 2, 3 and 4 of this Part in relation to a pertinent financial institution, the Authority may have regard to one or more of the following matters:
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| Directions or regulations concerning persons that have ceased to be specified financial institutions |
| Directions and notices issued under Act or written laws in Schedule to continue to apply to persons who cease to be specified financial institutions |
30AAN.—(1) Where a person ceases to be a specified financial institution, any direction or notice issued under this Act or any of the written laws set out in the Schedule (being a direction or notice which was in force, and which applied to that person, immediately before that person ceased to be a specified financial institution) shall, notwithstanding any rule of law or written law to the contrary, continue to apply to that person, until that direction or notice is cancelled by the Authority.
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| Moratorium |
30AAO.—(1) The Authority may, if it considers it to be in the interests of the affected persons of a specified financial institution, make an order prohibiting that specified financial institution from carrying on its significant business or from doing or performing any act or function connected with its significant business or any aspect thereof that may be specified in the order.
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| General provisions as to winding up |
30AAP.—(1) On the application of the Authority, the Court may, in addition to the grounds specified in section 254(1) of the Companies Act (Cap. 50), order under that Act the winding up of a company incorporated in Singapore which is carrying on or has carried on the significant business of a specified financial institution in Singapore, if —
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| Power of Court to take action against directors and executive officers |
30AAQ.—(1) Without prejudice to any provision of this Act or any of the written laws set out in the Schedule, if, in the course of exercising the Authority’s powers under this Part or the relevant provisions, it appears to the Authority that any past or present director or executive officer of a specified financial institution has failed to discharge the duties of his office, has misapplied or retained, or become liable or accountable for, any money or property of the specified financial institution, or has been guilty of any misfeasance or breach of trust or duty in relation to the specified financial institution, the Authority may apply to the Court for, and the Court may make —
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