Finance Companies Bill

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1 Short title and commencement

3 Licensing of finance companies

4 Examination of persons suspected of transacting financing business

5 Application for licence

6 Minimum capital requirements of a finance company

7 Restriction on opening of branches of a finance company

8 Mergers, etc., of a finance company

9 Amendment of constitution of a finance company

10 Revocation of licence

11 Publication of list of finance companies

12 Maintenance of reserve fund by finance companies

13 Restriction on payment of dividends by finance companies

14 Exhibition of balance-sheet by finance companies

15 Information and statistics to be furnished by finance companies

16 Acknowledgment of indebtedness

17 Demand deposits, dealings in foreign exchange, etc., by finance companies

18 Dealing by a finance company in its own shares, etc

19 Restrictions on trade by finance companies

20 Restrictions on investments by finance companies

21 Restrictions on holding immovable property by finance companies

22 Liquidation of prohibited transactions by finance companies

23 Orders by the Minister

24 Minimum holdings of liquid assets by finance companies

25 Inspection of finance companies

26 Powers of the Commissioner to issue orders after an inspection

27 Director to submit copy of profit and loss account and auditor to submit copy of his report to Commissioner

29 Prohibition against transacting of financing business on public holidays

31 Finance company unable to meet obligations to inform Commissioner

33 Memorandum and articles of association of a finance company

34 Disqualification of directors of a finance company

35 Penalty for offences not otherwise provided for

36 Offences by directors or managers

37 Holding out as finance company

38 Fiat of Attorney-General

40 Winding up provisions

41 Redemption of securities held by finance company

42 Operation of Act not to affect certain other Acts or Ordinances

44 Transitional licensing provisions

45 Firms that have been carrying on financing business

Finance Companies Bill

Bill No. 37/1967

Read the first time on 5th December 1967.

An Act to licence and control finance companies and for matters connected therewith.

Be it enacted by the President with the advice and consent of the Parliament of Singapore, as follows: —

PART I

PRELIMINARY

Short title and commencement

1. This Act may be cited as the Finance Companies Act, 1967, and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

Interpretation

2. In this Act, unless the context otherwise requires —

“auditor” means any person approved by the Commissioner as a finance company auditor for the purposes of this Act;

“Commissioner” means the person appointed by the Minister under section 28 of this Act to hold the office of Commissioner of Finance Companies;

“company” means a company incorporated or registered under the Companies Act, 1967 (Act of 1967), or pursuant to any corresponding previous written law;

“deposit” means a loan of money at interest or repayable at a premium but does not include a loan to a company or other body corporate upon terms involving the issue of debentures or other securities;

“depositor” means a person entitled, or prospectively entitled, to repayment of a deposit whether made by him or not;

“director” includes any person occupying the position of director of a finance company by whatever name called and includes a person in accordance with whose directions or instructions the directors of a finance company are accustomed to act and an alternate or substitute director;

“finance company” means any company licensed under this Act, to carry on financing business, and all branches and offices in Singapore of such a company shall be deemed to be one finance company for the purposes of this Act;

“financing business” means the business of —

(a)	borrowing money from the public, by acceptance of deposits and issuing certificates or other documents acknowledging or evidencing indebtedness to the public and undertaking to repay the money on call or after an agreed maturity period, which period shall be not less than one month of the original acceptance of any deposit; and
(b)	lending money to the public or to a company deemed to be related to the finance company by virtue of section 6 of the Companies Act, 1967 (hereinafter in this Act referred to as the “related company”) on the basis that the public or the related company undertakes to repay the money, whether within an agreed period of time or not, or by instalments;

“public company” means a company incorporated in Singapore other than a private company.

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