Finance Companies Act 1967

“agreement” means an agreement whether formal or informal and whether express or implied;

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

“Authority” means the Monetary Authority of Singapore established under section 3 of the Monetary Authority of Singapore Act 1970;

“capital funds”, in relation to a finance company, means the paid‑up capital and published reserves of that company, deduction having been made in respect of any debit balance appearing in the profit and loss account of the company;

“chief executive”, in relation to a finance company, means any person, by whatever name described, who —

“collective investment scheme” has the meaning given by section 2(1) of the Securities and Futures Act 2001;

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

“credit facilities” means —

“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 the person 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;

“executive officer”, in relation to a finance company, means any person, by whatever name described, who —

“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 are deemed to be one finance company for the purposes of this Act;

“financing business” means the business of —

“licence” means a licence granted under section 6;

“limited liability partnership” has the meaning given by section 2(1) of the Limited Liability Partnerships Act 2005;

“officer”, in relation to a corporation, includes —

“partner” and “manager”, in relation to a limited liability partnership, have the respective meanings given by section 2(1) of the Limited Liability Partnerships Act 2005;

“person” includes a corporation;

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

“published reserves”, in relation to a finance company, means reserves which appear in the accounts of the finance company but does not include any reserves which are represented by the writing down of the value of assets or by provision for the depreciation of fixed assets or which are maintained for any specific purposes;

“securities” has the meaning given by section 2(1) of the Securities and Futures Act 2001;

“securities-based derivatives contract” has the meaning given by section 2(1) of the Securities and Futures Act 2001;

“share”, in relation to a finance company, means a share in the share capital of the finance company and includes an interest in such a share;

“Singapore Government securities” means any debt securities issued by the Government under any written law;

“unit” has the meaning given by section 2(1) of the Securities and Futures Act 2001.

No financing business may be transacted in Singapore except by a public company that is in possession of a valid licence granted by the Authority authorising it to conduct financing business in accordance with the provisions of this Act.

Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 or to imprisonment for a term not exceeding 3 years or to both.

A person or body of persons, whether incorporated or not, other than a finance company licensed under this Act must not, without the consent of the Authority, use the words “finance company” or any of its derivatives in any language, or any other words indicating that it transacts financing business, in the name, description or title under which that person or body of persons is transacting business in Singapore or make or continue to make any representations to that effect in any bill-head, letter-paper, notice, advertisement or in any other manner.

Nothing in this section prohibits an association of finance companies formed for the protection of common interests from using the words “finance company” or any of its derivatives in any language as part of its name or description of its activities.

Whenever the Authority has reason to believe that a person is conducting financing business without a licence, the Authority may call for the books, accounts and records of that person in order to ascertain whether or not that person has violated or is violating any provisions of this Act.

Any person wilfully refusing to submit such books, accounts and records shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 12 months or to both.

Upon the conviction of any person under subsection (2), the court has power to order the production of any books, accounts and records to the Authority.

Any person failing to comply with any order under subsection (3) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 or to imprisonment for a term not exceeding 12 months or to both and, in the case of a continuing offence, to a further fine not exceeding $500 for every day during which the offence continues after conviction.

Any public company proposing to conduct financing business in Singapore must, before commencing any such business, apply in writing to the Authority for a licence under this Act.

In considering any application by a public company for a licence, the Authority may require to be satisfied as to —

The Authority may grant a licence with or without conditions, or refuse to grant a licence.

The Authority may at any time vary or revoke any existing conditions of a licence or impose additional conditions.

Where a licence is granted subject to conditions, the finance company must comply with those conditions and any finance company that fails to comply with any of the conditions of its licence shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 and, in the case of a continuing offence, to a further fine of $2,000 for every day during which the offence continues after conviction.

Any person who knowingly or recklessly provides any document or information which is false or misleading in a material particular in connection with an application for a licence falling within subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 3 years or to both.

Every finance company must pay the annual licence fee (including fees in respect of each of its branches) as the Authority may determine by written notice and in such manner as the Authority may determine.

Any applicant who is aggrieved by the refusal of the Authority to grant a licence under subsection (3) may, within 30 days of the decision of the Authority, appeal in writing to the Minister whose decision is final and must be given effect to by the Authority.

Subject to this Act, a company must not be granted or hold a licence unless —

Despite subsection (1)(a), the Authority may, at any time, after 8 years from 18 January 1995, by order require the issued and paid‑up capital of a finance company to which that subsection applies to be at least $50 million within the time specified in that order.

Subject to subsection (4), a finance company to which subsection (1)(a) applies which has capital funds of less than $50 million on 18 January 1995 is exempt from the requirement of that provision for 8 years from 18 January 1995 and must not during that period allow its capital funds to be less than its capital funds on that date.

If 20% or more of the issued and paid-up capital of a finance company is acquired by one or more persons who, alone or acting together with any associate or associates, by virtue of such acquisition becomes a substantial shareholder of the finance company on or after 18 January 1995, the finance company —

A finance company must not reduce its paid-up capital during the currency of its licence without the approval of the Authority.

The Authority may restrict or suspend the operations of a finance company which fails to comply with subsection (2), (3), (4) or (5).

In this section, “substantial shareholder” has the meaning given by section 81 of the Companies Act 1967.

The Authority may require every finance company to maintain capital funds in Singapore in proportion to its total assets or to every category of assets at such ratio or ratios as may from time to time be determined by the Authority by written notice.

A finance company must maintain a capital adequacy ratio of at least 12% or such other percentage as may be determined by the Authority from time to time, as calculated in accordance with such form, content and manner as may be determined by the Authority by written notice.

The Authority may suspend or restrict the operations of a finance company which fails to comply with subsection (2) or any requirement of the Authority under subsection (1).

A finance company must not open any new branch, agency or office, whether in Singapore or elsewhere, without submitting a written application to the Authority.

In considering the application, the Authority may require to be satisfied by an inspection under section 33 or otherwise, as to —

Upon being so satisfied as to the matters referred to in subsection (2), the Authority may —

Any finance company which fails to comply with subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000 for every day during which the default continues.

A finance company carrying on business in Singapore must not be merged or consolidated with or acquire a majority interest in any other finance company without the prior approval of the Authority.

In considering such an application, the Authority has power to call for any information that it may require.

The Authority may approve or refuse the application.

This section and sections 11 and 12 apply to and in relation to all natural persons whether resident in Singapore or not and whether citizens of Singapore or not, and to all bodies corporate or unincorporate, whether incorporated or carrying on business in Singapore or not.

Without affecting section 9, a person must not enter into an agreement to acquire shares of a finance company that is incorporated in Singapore by virtue of which the person would, if the agreement is carried out, obtain effective control of that finance company without first notifying the Authority of the person’s intention to enter into the agreement and obtaining the approval of the Authority to the person entering into the agreement.

For the purposes of this section —

Any person who contravenes subsection (2) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 3 years or to both.

A person must not enter into any arrangement in relation to any finance company that is incorporated in Singapore by virtue of which the person would, if the arrangement is carried out, obtain control of the finance company without first notifying the Authority of the person’s intention to enter into the arrangement and obtaining the approval of the Authority to the person entering into the arrangement.

For the purposes of this section —

Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 3 years or to both.

A person must not enter into any agreement to acquire shares by virtue of which the person would, if the agreement is carried out, acquire a substantial shareholding in a finance company that is incorporated in Singapore without first notifying the Authority of the person’s intention to enter into the agreement and obtaining the approval of the Authority to the person entering into the agreement.

For the purposes of this section —

Any person who contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months or to both.

The Authority may by written notice direct a finance company that is incorporated in Singapore to obtain from any shareholder of the finance company and to transmit to the Authority information —

In this section, “voting shares” has the meaning given by the Companies Act 1967.

A finance company which fails to comply with a direction under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000.

Every finance company that intends to alter its memorandum of association or articles of association must, before proposing any resolution in this regard, provide to the Authority for its approval particulars in writing (verified by a statutory declaration made by the secretary of the finance company) of the proposed alteration.

The Authority may thereupon —

If the Authority approves the proposed alteration with modification, the finance company must adopt the proposed alteration as so modified or not proceed with the proposed alteration.

If the Authority refuses to approve the proposed alteration it may request the finance company to withdraw the proposed alteration and the finance company must comply with the Authority’s request.

Any finance company which fails to comply with the requirements of subsection (1) or with any request by the Authority made under subsection (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1,000 for every day during which the default continues after conviction.

The Authority —

Before revoking any licence, the Authority must give the finance company written notice of its intention to do so, specifying a date, at least 21 days after the date of the notice, upon which the revocation will take effect and calling upon the finance company to show cause to the Authority why the licence should not be revoked.

Where the Authority has revoked a licence under subsection (1), the Authority must forthwith inform the finance company by written notice of the revocation.

Where an order of revocation becomes effective under section 15 —

Subsection (1)(b) does not affect the enforcement by any person of any right or claim against the finance company or by the finance company of any right or claim against any person.

The Authority must cause to be published in the Gazette in the month of April in each year a list of all finance companies to which licences have been issued under this Act.

If any licence is issued or revoked during the interval between the publication of 2 such lists, notice thereof must also be caused to be published in the Gazette.

Every finance company must —

Any finance company which fails to comply with subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 and, in the case of a continuing offence, to a further fine of $2,000 for every day during which the offence continues after conviction.

Every finance company must exhibit in a conspicuous position in each of its offices and branches in Singapore —

Every finance company must, within 6 months after the close of each financial year or within such period as the Authority may approve, publish in at least 4 local daily newspapers, one each published in the Malay, Chinese, Tamil and English languages, a copy of its latest audited annual balance sheet and profit and loss account, containing at least the information that the Authority may require by written notice.

The Authority may by written notice require a finance company to publish, in addition to its balance sheet and profit and loss account under subsection (2), any additional information relating to the accounts of that finance company for any financial year that the Authority thinks fit.

A copy of the documents referred to in subsections (1) and (2) must be sent to the Authority by the finance company, prior to its first publication in any newspaper under those subsections, together with a copy of the directors’ report.

The annual balance sheet and profit and loss account of the finance company mentioned in subsections (1) and (2) and the half year interim profit and loss account of the finance company must be in such form as the Authority may approve.

The Authority may require any finance company to submit such further or additional information as it may consider necessary either by way of explanation, amplification or otherwise with regard to the balance sheet and profit and loss account sent by that finance company under subsection (4) and that information must be submitted within such period and in such manner as the Authority may require.

Any finance company which fails to comply with any of the provisions of this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 and, in the case of a continuing offence, to a further fine of $1,000 for every day during which the offence continues after conviction.

Every finance company must provide to the Authority at such time and in such manner as the Authority may prescribe, all such information and data as the Authority may reasonably require for the proper discharge of the Authority’s functions under the provisions of this Act.

Nothing in this Act authorises the Authority to enquire specifically into the affairs of an individual depositor of a finance company and any information relating to the affairs of that individual depositor obtained by the Authority in the course of an inspection or investigation made under this Act is to be secret between the Authority and that finance company.

Every finance company which fails or neglects to provide any information required by the Authority under subsection (1) within the time specified by the Authority shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $5,000 for every day during which the default continues after conviction.

Every finance company must send to the Authority, not later than 15 days after the last day of each month, a statement in the form determined by the Authority showing the particulars of all advances, loans and credit facilities granted by the finance company as at the end of that month to —

Where it appears to the Authority, on examination of the particulars supplied by a finance company under subsection (1), that any advance, loan or credit facility has been or may be granted to the detriment of the interests of the depositors of the finance company, the Authority may as it thinks fit by written notice —

In this section —

Subject to this section, every director of a finance company who is in any way, directly or indirectly, interested in an advance, loan or credit facility or proposed advance, loan or credit facility from that finance company must, as soon as practicable, declare the nature of his or her interest to the board of directors of that finance company and the secretary of the company must cause the declaration to be circulated forthwith to all the directors.

Subsection (1) does not apply in any case where the interest of the director of a finance company consists only of being a member or creditor of a company which is interested in an advance, loan or credit facility or proposed advance, loan or credit facility from that finance company if the interest of the director may properly be regarded as not being a material interest.

For the purposes of subsection (1), a general notice given to the board of directors of a finance company by a director to the effect that he or she is an officer or member of a specified company or a member of a specified firm or partner or manager of a specified limited liability partnership and he or she is to be regarded as having an interest in any advance, loan or credit facility which may, after the date of the notice, be made to that company, firm or limited liability partnership is deemed to be a sufficient declaration of interest in relation to any advance, loan or credit facility so made if —

Every director of a finance company who holds any office or possesses any property whereby, directly or indirectly, duties or interests might be created in conflict with his or her duties or interests as director must declare at a meeting of the directors of that finance company the fact and the nature, character and extent of such conflict.

The declaration referred to in subsection (4) must be made at the first meeting of the directors held —

The secretary of a finance company must cause to be brought up and read any declaration made under subsection (1) or (4) at the next meeting of the directors of that finance company after it is made, and must record any declaration so made in the minutes of the meeting at which it was made or at which it was brought up and read.

Any director who contravenes subsection (1) or (4) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 or to imprisonment for a term not exceeding 3 years or to both.

A finance company must not —

Despite the provisions of subsection (1)(b) and (c), a finance company with capital funds of at least $100 million may apply to the Authority for exemption from those provisions and the Authority may approve the application subject to —

Subsection (1)(d) and (e) does not apply to —

Subsection (1)(f) does not apply to the purchase of —

All the directors of a finance company are liable jointly and severally to indemnify a finance company against any loss arising from the making of any unsecured advance, loan or credit facility to —

In this section —

Any finance company which contravenes any of the provisions of this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.

Except as is otherwise expressly provided by this Act, a finance company must not give, directly or indirectly and whether by means of a loan guarantee or the provision of security or otherwise, any financial assistance for the purpose of or in connection with a purchase or subscription made or to be made by any person of, or for, any shares in the finance company or, where such company is a subsidiary, in its holding company, or in any way purchase, deal in or lend money on its own shares.

Nothing in subsection (1) prohibits —

If there is any contravention of this section, the finance company and every officer of that company who is in default shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 or to imprisonment for a term not exceeding 12 months.

Nothing in this section operates to prevent the finance company from recovering the amount of any loan made in contravention of this section or any amount for which it becomes liable on account of any financial assistance given in contravention of this section.

A finance company must not engage, whether on its own account or on a commission basis, and whether alone or with others, in the wholesale or retail trade, including the import or export trade, except for the purpose of carrying on its financing business.

Except as is otherwise provided in this Act, a finance company must not carry on any kind of business other than financing business.

A finance company must not acquire or hold any part of the share capital of, or otherwise have a direct interest in, any financial, commercial, agricultural, industrial or other undertaking exceeding in aggregate 25% of the capital funds of that finance company except such shareholding as the finance company may acquire in the course of realising debts due to it, which shareholding must, however, be disposed of at the earliest suitable moment.

Despite subsection (1), the percentage holding or interest mentioned in that subsection may upon the application of a finance company to the Authority, and with the consent of the Authority, be increased to at most 50% of the capital funds of that finance company.

A finance company must not purchase or acquire any immovable property, or any right, title or interest therein exceeding in the aggregate at any one time 25% of the finance company’s capital funds, except as may be reasonably necessary for the purpose of conducting its business or of housing or providing amenities for its staff.

Subsection (1) does not prevent a finance company —

This section does not apply to such property as may from time to time be approved by the Authority.

The Registrar of Titles in issuing any certificate of title or registering any assurance in the Land Titles Registry or any purchaser is exonerated from enquiring as to any matter or fact relating to the title of a finance company to, or to the power of a finance company in dealing with, any immovable property, or any right, title and interest therein, which has been purchased or acquired in contravention of the prohibition contained in this section and is protected from the effect of notice of any such matter or fact.

A finance company must not enter into an agreement to acquire the share capital of any company by virtue of which the finance company would, if the agreement is carried out, acquire or hold, directly or indirectly, an interest of 20% or more of the share capital of that company, without first notifying the Authority of its intention to enter into the agreement and obtaining the approval of the Authority to its entering into the agreement.

The Authority may approve the entering into the agreement with or without conditions or may disapprove it without giving any reasons.

Subsection (1) does not apply to an agreement by virtue of which the finance company would acquire an interest of 20% or more of the share capital in a company by way of enforcement of security to satisfy debts due to it by the company if, upon making the acquisition, the finance company obtains the approval of the Authority to retain the shareholdings as an investment.

If the Authority does not grant approval under subsection (3), the finance company must dispose of the shareholdings at the earliest opportunity.

In this section, “company” means a company whether incorporated in Singapore or elsewhere.

A finance company which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000.

Any finance company, if at any time called upon in writing by the Authority to do so, must satisfy the Authority, by producing such evidence or information as the Authority may require, that the finance company is not in contravention of any of the provisions of section 23, 26, 27 or 31.

For the purpose of securing compliance with the sections mentioned in subsection (1), the Authority may from time to time by written notice require any finance company to aggregate its assets, liabilities or profits (as the case may be) with the assets, liabilities or profits of all or any of the finance company’s related companies, as described in section 6 of the Companies Act 1967, and the finance company must comply with that requirement within the time specified in the notice.

A finance company which fails to comply with any requirement of the Authority under this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $2,000 for every day during which the default continues after conviction.

The Authority may, if it appears to the Authority to be necessary or expedient in the public interest or the interest of the financial system, by written notice to finance companies give directions or impose requirements on or relating to the activities or operations of and standards to be maintained by finance companies.

Without limiting subsection (1), any notice under that subsection may be given in respect of —

Every finance company must comply with any direction or requirement imposed by any notice under this section.

It is not necessary to publish any written notice issued under this Act in the Gazette.

The Authority may, by order, prescribe —

Any order made under subsection (1) is to apply uniformly to all finance companies, or to any class or classes of finance companies, and must, together with its effective date, be published in the Gazette.

Where a finance company has failed to maintain the reserves required by an order made under subsection (1)(f), the Authority may by written notice direct that finance company to make good the deficiency within the period specified in the notice.

If the defaulting finance company fails to make good the deficiency within the period specified in the notice mentioned in subsection (3), it is lawful, despite any other written law, for the Authority to serve a written notice upon any bank with which the defaulting finance company has a credit balance, whether in current or deposit account, directing that bank to transfer to the Authority up to the amount specified in the notice as being equivalent to the amount of the deficiency in the minimum cash balances of the defaulting finance company required under subsection (1)(f) and the bank must comply immediately with the requirements of that notice.

The Authority may, despite any notice given under subsection (3) or (4), impose on any finance company that fails to maintain the reserves required by an order made under subsection (1)(f) a penalty interest charge of $100 per day or such larger amount as the Authority may determine for every day during which the finance company continues to fail to maintain such reserves.

Every finance company must maintain a minimum holding of liquid assets, as defined in subsection (4).

The minimum amount of liquid assets to be maintained by every finance company is to be determined from time to time by the Authority and must be expressed in the form of a percentage or percentages which those assets bear to the liabilities of each finance company on account of deposits and other liabilities, either jointly or separately.

The Authority must prescribe the method of computing the amount of liquid assets to be held by finance companies.

In this section, “liquid assets” means —

Any finance company which fails to comply with any requirement of this section shall be liable, on being called upon to do so by the Authority (in addition to any other penalty that may be imposed under this Act), to pay a penalty interest charge of $100 per day or such larger amount as the Authority may determine for every day during which the default continues and must not while the default continues accept any deposits or enter into new commitments without the approval of the Authority.

The Authority may, from time to time, inspect or cause to be inspected under conditions of secrecy, the books, accounts and transactions of any finance company and of any branch, agency or office outside Singapore opened by a finance company incorporated in Singapore.

The Authority may at any time make an investigation, under conditions of secrecy, of the books, accounts and transactions of a finance company, if the Authority has reason to believe that the finance company —

The Authority may appoint any auditor, other than the auditor appointed by the finance company under section 205 of the Companies Act 1967, to exercise the powers of the Authority under subsections (1) and (2).

For the purpose of an inspection or investigation under this section, a finance company must afford the Authority access to its books, accounts and documents and must give any information and facilities that may be required to conduct the investigation.

No books, accounts and documents mentioned in subsection (4) are to be required to be produced at any time and at any place that would interfere with the proper conduct of the normal daily business of that finance company.

If any book, account or document or information is not produced in accordance with subsection (4), the finance company concerned shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $10,000 and to a further fine of $1,000 for every day during which the default continues after conviction.

Any finance company which is or is likely to become insolvent, which is or is likely to become unable to meet its obligations, or which has suspended or is about to suspend payments, must immediately inform the Authority of that fact.

Any finance company which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 and, in the case of a continuing offence, to a further fine not exceeding $2,000 for every day or part of a day during which the offence continues after conviction.

“business” includes affairs and property;

“office holder”, in relation to a finance company, means any person acting as the liquidator, the provisional liquidator, the receiver or the receiver and manager of the finance company, or acting in an equivalent capacity in relation to the finance company;

“relevant business” means any business of a finance company —

“statutory adviser” means a statutory adviser appointed under section 35;

“statutory manager” means a statutory manager appointed under section 35.

The Authority may exercise any one or more of the powers specified in subsection (2) as appears to it to be necessary, where —

Subject to subsection (1), the Authority may —

Where the Authority appoints 2 or more persons as the statutory manager of a finance company, the Authority must specify, in the terms and conditions of the appointment, which of the duties, functions and powers of the statutory manager —

Where the Authority has exercised any power under subsection (2), it may, at any time and without affecting its power under section 15(1)(c)(ii), do one or more of the following:

No liability shall be incurred by a statutory manager or a statutory adviser for anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the course of or in connection with —

Any finance company that fails to comply with a requirement imposed by the Authority under subsection (2)(a) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $20,000 and, in the case of a continuing offence, to a further fine not exceeding $2,000 for every day or part of a day during which the offence continues after conviction.

Upon assuming control of the relevant business of a finance company, the Authority or statutory manager (as the case may be) must take custody or control of the relevant business.

During the period when the Authority or statutory manager is in control of the relevant business of a finance company, the Authority or statutory manager —

In managing the relevant business of a finance company, the Authority or statutory manager —

Despite any written law or rule of law, upon the assumption of control of the relevant business of a finance company by the Authority or statutory manager, any appointment of a person as the chief executive or a director of the finance company, which was in force immediately before the assumption of control, is deemed to be revoked, unless the Authority gives its approval, by written notice to the person and the finance company, for the person to remain in the appointment.

Despite any written law or rule of law, during the period when the Authority or statutory manager is in control of the relevant business of a finance company, except with the approval of the Authority, a person must not be appointed as the chief executive or a director of the finance company.

Where the Authority has given its approval under subsection (4) or (5) to a person to remain in the appointment of, or to be appointed as, the chief executive or a director of a finance company, the Authority may at any time, by written notice to the person and the finance company, revoke that approval, and the appointment is deemed to be revoked on the date specified in the notice.