Singapore Statutes Online - 19 - Banking Act

Banking Act
(CHAPTER 19)

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11 (Repealed)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22 (Repealed)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24 (Repealed)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37 (Repealed)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

Comparative Table

Inspection of banks

43.

—(1) The Authority shall, from time to time, inspect under conditions of secrecy, the books of each bank in Singapore and of any branch, agency or office outside Singapore opened by a bank incorporated in Singapore.

[23/2001; 1/2007]

(2) Without prejudice to the generality of subsection (1), such inspection may be conducted in respect of activities of the bank that are regulated or licensed by the Authority under any other Act.

[23/2001]