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Restriction on opening of branches of finance company

Finance Companies Act 1967

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—(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.(2) In considering the application, the Authority may require to be satisfied by an inspection under section 33 or otherwise, as to —(a)the financial condition of the company;(b)the general character of the management of the company;(c)the adequacy of the capital structure and earning prospects of the company;(d)the convenience and needs of the community to be served; and(e)whether the public interest will be served by the opening or (as the case may be) change of location of the place of business.(3) Upon being so satisfied as to the matters referred to in subsection (2), the Authority may —(a)grant the application; or(b)without giving any reason, refuse to grant the application,and the decision of the Authority is final.(4) 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.

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