Long Title
Part I PRELIMINARY
1 Short title
2 Interpretation
Part II APPOINTMENT OF ASSISTANTS
3 Appointment of assistants
Part III LICENSING OF BANKS
4 Licensing of banks
4A Restriction on deposit-taking business and soliciting deposits
4B Application of section 4A
4C Examination of persons suspected of contravening section 4A and access to premises
5 Use of word "bank"
5A Use of bank name, etc.
6 Examination of persons suspected of transacting banking business and access to premises
7 Application for licence
8 Licence fees
9 Minimum capital requirements
9A Capital requirements for qualifying subsidiaries
10 Risk-based capital requirements
11 (Repealed)
11A Appeal to Minister
12 Branches
13 Fees to be paid in respect of branches of banks
14 Mergers
14A Approval by Minister for merger of certain banks
14B Condition for issue of certificate of approval
14C Effect of merger
15 Application and interpretation of sections 15A to 18
15A Control of substantial shareholdings in designated financial institutions
15B Control of shareholdings and voting power in designated financial institutions
15C Approval of applications
15D Power to exempt and make further transitional provisions
15E Objection to existing control of designated financial institutions
16 Power to make directions
17 Offences, penalties and defences
18 Power of Authority to obtain information
19 Amendment of bank’s constitution
20 Revocation of licence
21 Effect of revocation of licence
Part IV RESERVE FUNDS, DIVIDENDS, BALANCE-SHEETS AND INFORMATION
22 (Repealed)
23 Maintenance of adequate provision for bad and doubtful debts
24 (Repealed)
25 Publication and exhibition of audited balance-sheet
26 Information to be furnished by banks
27 Action to be taken if credit facilities or exposures are against interests of depositors
28 Disclosure of interest by directors
Part V PROHIBITED BUSINESS
29 Exposures and credit facilities
30 Non-financial businesses
31 Limit on equity investments
32 Investments in companies undertaking non-financial businesses
33 Immovable property
34 Grace period for sections 30 to 33
35 Exposure to immovable property sector
36 Power of Authority to secure compliance with sections 10, 23, 29, 31, 32, 33, 35 and 42
37 (Repealed)
Part VI MINIMUM ASSET REQUIREMENTS
38 Minimum liquid assets
39 Minimum cash balances
40 Asset maintenance requirement
Part VII POWERS OF CONTROL OVER BANKS
40A Interpretation of this Part
41 Regulation of interest rates of banks
42 Recommendations to banks concerning credits and investments
43 Inspection of banks
44 Special investigation of banks
44A Provisions supplementary to sections 43 and 44
45 Inspection in Singapore by parent supervisory authority
46 Confidentiality of inspection and investigation reports
47 Banking secrecy
48 Information of insolvency, etc.
48A Interpretation of sections 49 to 53
49 Action by Authority if bank is unable to meet obligations, etc., or is conducting business to detriment of depositors
50 Effect of assumption of control under section 49
51 Duration of control
52 Responsibilities of officers, member, etc., of bank
53 Remuneration and expenses of Authority and others in certain cases
54 Disqualification or removal of director or executive officer
54A (Repealed)
54B (Repealed)
55 Notices to banks
Part VIIA VOLUNTARY TRANSFER OF BUSINESS
Division 1 — Voluntary transfer of business of bank
55A Interpretation of this Division
55B Voluntary transfer of business
55C Approval of transfer
Division 2 — Repealed
Division 3 — Repealed
Division 4 — Repealed
Division 5 — Miscellaneous
55N Power to obtain information under this Part
55O (Repealed)
55P Regulations for this Part
Part VIII CREDIT CARD AND CHARGE CARD BUSINESSES
56 Interpretation of this Part
57 Restrictions on issuing and promoting credit card and charge card
57A Application to be licensed credit card or charge card issuer
57B Requirements for grant of licence
57C Licence fees
57D Power of Authority to issue written directions
57E Revocation of licence
57F Inspection and investigation
57G Non-application of this Part
Part IX MISCELLANEOUS
58 Auditing
59 Clearing House settlements and control over Clearing House
60 Declaration of holidays
61 Priority of specified liabilities
62 Priority of specified liabilities inter se
62A Priorities for set-off in winding up of bank
63 Redemption of securities held by bank under liquidation
64 Execution of instruments under seal
65 (Repealed)
66 Offences by director and executive officers of bank and false or misleading information
67 Offences by directors, employees and agents
68 (Repealed)
69 Composition of offences
70 Publication of list of banks
71 General penalty
72 Offences triable in District Court
73 Consent of Public Prosecutor
74 Recovery of fees, expenses, etc.
74A Power to refund, reduce, etc., financial penalty
75 Operation of this Act not to affect Companies Act
75A Service of documents, etc.
75B Electronic service
76 Exemption
76A Authority’s powers of exemption
77 Authority to approve operation of an Asian Currency Unit
77A Amendment of Schedules
78 Regulations
79 Transitional licensing provisions
FIRST SCHEDULE Banks
SECOND SCHEDULE Effect of Merger
THIRD SCHEDULE Disclosure of Information
FOURTH SCHEDULE Specified Provisions
FIFTH SCHEDULE Definitions in Sections 27, 28, 29 and 38
Legislative History
Comparative Table