s 12 Control of substantial shareholding in finance companies incorporated in Singapore
12.—(1) 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. (2) For the purposes of this section —(a) a reference to an agreement by which a person would acquire a substantial shareholding in a finance company includes a reference to an agreement by virtue of which the person would acquire any interests in shares in the finance company where, upon the acquisition by the person of those interests or of those interests and of any interest in other shares in the finance company, being interests that the person has offered to acquire, the person would acquire a substantial shareholding in the finance company; (b) a reference to a person offering to acquire interests in shares and to a person having an interest in shares is to be construed in the same way as under section 10; and (c) a substantial shareholding has the meaning given by section 81 of the Companies Act 1967. (3) 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.