(1) Notwithstanding anything to the contrary in the Companies Act, Cap. 13.01 —
(a) where a credit bureau is being wound up or liquidated —
(i) the database of the credit bureau containing data subject information related to the credit history of the data subjects shall be transferred to the Central Bank;
(ii) the Central Bank shall determine whether the credit bureau's activities are to continue; and
(iii) for a period not exceeding 12 months, the Central Bank shall retain the right to use the credit bureau's platform until the evaluation and selection process to grant a new credit bureau licence is completed;
(b) a credit bureau shall not, except with the approval of the Central Bank, pass any resolution for the suspension of its activity or the voluntary winding up of its business; and
(c) the Central Bank shall take measures to properly dispose of or destroy the database where no new licence is issued.
(2) Where the database of the credit bureau is transferred to the Central Bank under subsection (1)(a), the Central Bank shall employ such data security measures and safeguards as it considers reasonable to protect the database.
(3) Notwithstanding section 12(1), where a credit bureau ceases to operate or carry on business of a credit bureau, the Central Bank shall revoke the licence granted to the credit bureau.