Exemption from Section 23 (1)

Status:

Revised Edition
published on 31 Jan 2002

Finance Companies Act

(Chapter 108, Section 53(2))

Exemption from Section 23 (1)

N 1

G.N. No. S 496/2000

REVISED EDITION 2002

(31st January 2002)

[27th October 2000]

The Monetary Authority of Singapore has exempted Hong Leong Finance Limited from section 23 (1)(f)(i) of the Act subject to the condition that Hong Leong Finance Limited shall not grant unsecured advances, unsecured loans or unsecured credit facilities to any person or body of persons, whether incorporated or not, which in the aggregate and outstanding at any one time exceeds 0.5% of the capital funds of Hong Leong Finance Limited.

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