Application and interpretation of this Part
31.—(1)  This Part shall apply to, and in relation to, every relevant financial institution.
(2)  In this Part, unless the context otherwise requires —
“chief executive”, in relation to a relevant financial institution, means any person, by whatever name described, who —
(a)is in the direct employment of, or acting for or by arrangement with, the relevant financial institution; and
(b)is principally responsible for the management and conduct of the business of the relevant financial institution;
“Court” means the High Court or a Judge thereof;
“director”, in relation to a relevant financial institution, includes —
(a)any person, by whatever name described, occupying the position of director of the relevant financial institution;
(b)a person in accordance with whose directions or instructions the directors of the relevant financial institution are accustomed to act; and
(c)an alternate director, or a substitute director, of the relevant financial institution;
“executive officer”, in relation to a relevant financial institution, means any person, by whatever name described, who —
(a)is in the direct employment of, or acting for or by arrangement with, the relevant financial institution; and
(b)is concerned with or takes part in the management of the relevant financial institution on a day-to-day basis;
“relevant financial institution” means a financial institution that —
(a)is approved by the Authority under section 28; and
(b)belongs to a class of financial institutions that is prescribed by regulations made under section 41 for the purposes of this definition.
[Act 31 of 2017 wef 04/06/2018]
(3)  In this subsection and sections 33 to 37, unless the context otherwise requires —
“business” includes affairs and property;
“office holder”, in relation to a relevant financial institution, means any person acting as the liquidator, the provisional liquidator, the receiver or the receiver and manager of the relevant financial institution, or acting in an equivalent capacity in relation to the relevant financial institution;
“relevant business” means any business of a relevant financial institution —
(a)which the Authority has assumed control of under section33; or
[Act 31 of 2017 wef 04/06/2018]
(b)in relation to which a statutory adviser or a statutory manager has been appointed under section33;
[Act 31 of 2017 wef 04/06/2018]
“statutory adviser” means a statutory adviser appointed under section 33;
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“statutory manager” means a statutory manager appointed under section 33.
[Act 31 of 2017 wef 04/06/2018]
(4)  In this subsection and sections 38 and 39, unless the context otherwise requires —
“business” includes affairs, property, right, obligation and liability;
“debenture” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);
“property” includes property, right and power of every description;
“Registrar of Companies” means the Registrar of Companies appointed under the Companies Act and includes any Deputy or Assistant Registrar of Companies appointed under that Act;
“significant business”, in relation to a relevant financial institution, means the usual business of a financial institution belonging to the same class of financial institutions as that relevant financial institution;
“transferee” means any person (being a person who is, or who has applied or will be applying to be, approved, authorised, designated, recognised, registered, licensed or otherwise regulated, under this Act or any of the written laws set out in the Schedule, to carry on the significant business of the transferor) to which the whole or any part of a transferor’s business is, is to be, or is proposed to be transferred under section 38(1);
[Act 31 of 2017 wef 04/06/2018]
“transferor” means a relevant financial institution the whole or any part of the business of which is, is to be, or is proposed to be transferred under section 38(1).
[Act 31 of 2017 wef 04/06/2018]
[Act 9 of 2013 wef 18/04/2013]