Finance Companies Bill
Table of Contents
Long Title
Enacting Formula
Part I PRELIMINARY
1 Short title and commencement
2 Interpretation
Part II LICENSING OF FINANCE COMPANIES
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
Part III RESERVE FUNDS, DIVIDENDS, BALANCE SHEETS AND INFORMATION
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
Part IV REGULATION OF BUSINESS
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
Part V MINIMUM LIQUID ASSETS
24 Minimum holdings of liquid assets by finance companies
Part VI INSPECTION OF FINANCE COMPANIES
25 Inspection of finance companies
26 Powers of the Commissioner to issue orders after an inspection
Part VII SUBMISSION OF ACCOUNTS AND AUDITOR’S REPORT
27 Director to submit copy of profit and loss account and auditor to submit copy of his report to Commissioner
Part VIII MISCELLANEOUS
28 Commissioner
29 Prohibition against transacting of financing business on public holidays
30 Indemnity
31 Finance company unable to meet obligations to inform Commissioner
32 Moratorium
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
39 Exemptions
40 Winding up provisions
41 Redemption of securities held by finance company
42 Operation of Act not to affect certain other Acts or Ordinances
43 Regulations
Part IX TRANSITIONAL
44 Transitional licensing provisions
45 Firms that have been carrying on financing business
Explanatory Statement
Expenditure of Public Money