Long Title

Part I PRELIMINARY

Part II APPOINTMENT OF ASSISTANTS

Part III LICENSING OF BANKS

Part IV RESERVE FUNDS, DIVIDENDS, BALANCE-SHEETS AND INFORMATION

Part V PROHIBITED BUSINESS

Part VI MINIMUM ASSET REQUIREMENTS

Part VII POWERS OF CONTROL OVER BANKS

Part VIIA VOLUNTARY TRANSFER OF BUSINESS

Division 1 — Voluntary transfer of business of bank

Division 2 — Repealed

Division 3 — Repealed

Division 4 — Repealed

Division 5 — Miscellaneous

Part VIII CREDIT CARD AND CHARGE CARD BUSINESSES

Part IX MISCELLANEOUS

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

Comparative Table

Approval of applications
15C.
—(1)  The Minister may approve an application made by any person under section 15A or 15B if —
(a)
the Authority is satisfied that —
(i)
the person is a fit and proper person; and
(ii)
having regard to the likely influence of the person, the designated financial institution will or will continue to conduct its business prudently and comply with the provisions of this Act; and
(b)
the Minister is satisfied that it is in the national interest to do so.
[1/2007]
(2)  Any approval under this section may be granted to any person subject to such conditions as the Minister may determine, including but not limited to any condition —
(a)
restricting the person’s disposal or further acquisition of shares or voting power in the designated financial institution; or
(b)
restricting the person’s exercise of voting power in the designated financial institution.
[23/2001]
(2A)  The Minister may at any time add to, vary or revoke any condition imposed under subsection (2).
[1/2007]
(3)  Any condition imposed under subsection (2) shall have effect notwithstanding any of the provisions of the Companies Act (Cap. 50) or anything contained in the memorandum or articles of association of the designated financial institution.
[23/2001]
(4)  Where the Minister disapproves an application made by any person under section 15A(2) or (4) or 15B(2), the person shall, within such time as the Minister may specify, take such steps as are necessary —
(a)
in the case of section 15A(2), to cease to be a substantial shareholder;
(b)
in the case of section 15A(4), to cease to be a party to the agreement or arrangement; or
(c)
in the case of section 15B(2), to cease to be —
(i)
a 12% controller;
(ii)
a 20% controller; or
(iii)
an indirect controller,
as the case may be.
[23/2001]
(5)  Notwithstanding the repeal of sections 15, 16 and 17 in force immediately before 18th July 2001, the following approvals granted by the Authority before that date shall continue and be deemed to be approvals granted by the Minister under this section, subject to such additional conditions as the Minister may at any time by notice in writing, impose:
(a)
any approval or condition imposed in relation thereto under the repealed section 15(2) shall be deemed to be an approval granted or a condition imposed under this section as if an application for approval had been made under section 15B(2)(b);
(b)
any approval or condition imposed in relation thereto under the repealed section 16(1) shall be deemed to be an approval granted or a condition imposed under this section as if an application for approval had been made under section 15B(2)(c); or
(c)
any approval or condition imposed in relation thereto under the repealed section 17(1) shall be deemed to be an approval granted or a condition imposed under this section as if an application for approval had been made under section 15A(2).
[23/2001]