Singapore Government
Link to AGC Website
Home | Search | Browse | Results | My Preferences
 
Contents

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Division 2 — Repealed

Division 3 — Repealed

Division 4 — Repealed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

 
Slider
Left Corner
Print   Link to In-Force Version
On 21/04/2014, you requested the version in force on 21/04/2014 incorporating all amendments published on or before 21/04/2014. The closest version currently available is that of 02/01/2014.
Slider
PART IX
MISCELLANEOUS
Auditing
58.
—(1)  Notwithstanding the provisions of the Companies Act (Cap. 50), every bank shall appoint annually an auditor approved by the Authority.
(2)  An auditor shall not be approved by the Authority as an auditor for banks unless he is able to comply with such conditions in relation to the discharge of his duties as may be determined by the Authority.
[2/84]
(3)  The Authority may appoint an auditor —
(a)
if the bank fails to appoint an auditor; or
(b)
if it considers it desirable that another auditor should act with the auditor appointed under subsection (1),
and may at any time fix the remuneration to be paid by the bank to that auditor.
(4)  The duties of an auditor appointed under subsections (1) and (3) shall be —
(a)
to carry out, for the year in respect of which he is appointed, an audit of the accounts of the bank; and
(b)
to make a report in accordance with section 207 of the Companies Act —
(i)
in the case of a bank incorporated in Singapore, upon the annual balance-sheet and profit and loss account that are referred to in section 25(1); and
(ii)
in the case of a bank incorporated outside Singapore, upon the annual balance-sheet and profit and loss account showing the assets and liabilities and profit or loss arising out of the bank’s operations in Singapore.
(5)  The Authority may impose all or any of the following duties on an auditor in addition to those provided under subsection (4):
(a)
a duty to submit such additional information in relation to his audit as the Authority considers necessary;
(b)
a duty to enlarge or extend the scope of his audit of the business and affairs of the bank;
(c)
a duty to carry out any other examination or establish any procedure in any particular case;
(d)
a duty to submit a report on any of the matters referred to in paragraphs (b) and (c).
[2/84]
(6)  The bank shall remunerate the auditor in respect of the discharge by him of all or any of the additional duties mentioned in subsection (5).
[2/84]
(7)  The auditor’s report made under subsection (4) shall be attached to the balance-sheet and the profit and loss account and a copy thereof together with any report submitted under subsection (5) shall be transmitted in writing to the Authority.
[2/84]
(8)  If an auditor, in the course of the performance of his duties as an auditor of a bank, is satisfied that —
(a)
there has been a serious breach or non-observance of the provisions of this Act or that otherwise a criminal offence involving fraud or dishonesty has been committed;
(b)
losses have been incurred which reduce the capital funds of the bank by 50%;
(c)
serious irregularities have occurred, including irregularities that jeopardise the security of the creditors; or
(d)
he is unable to confirm that the claims of creditors are still covered by the assets,
he shall immediately report the matter to the Authority.
[2/84]
Clearing House settlements and control over Clearing House
59.  In order to facilitate the clearing of cheques and other credit instruments for banks and other financial institutions approved by the Authority, the Authority shall, in conjunction with such banks and institutions, by regulations, establish a Clearing House.
[28/93; 37/98]
Declaration of holidays
60.
—(1)  The Authority may, at any time by notice in the Gazette, declare any day or days to be a bank holiday or holidays.
(2)  No bank in Singapore shall do any business without the approval of the Authority on any day declared a bank holiday under subsection (1).
[2/84; 23/2001]
(3)  A bank holiday declared under subsection (1) shall not necessarily be a public holiday and nothing in this section shall be deemed to affect any written law which may from time to time be in force in Singapore relating to public holidays.
(4)  Any reference to a bank holiday in any written law which may from time to time be in force in Singapore shall include any day declared to be a bank holiday under this section and any day which is a public holiday within the meaning of any written law which may be in force in Singapore relating to public holidays.
Priority of specified liabilities
61.
—(1)  Where a bank becomes unable to meet its obligations or becomes insolvent or suspends payment, the assets of that bank in Singapore shall be available to meet all liabilities in Singapore of the bank specified in section 62(1).
[31/2005]
(2)  The liabilities in Singapore of the bank specified in section 62(1) shall have priority over all unsecured liabilities of the bank other than the preferential debts specified in section 328(1) of the Companies Act (Cap. 50).
[2/84; 31/2005]
Priority of specified liabilities inter se
62.
—(1)  Notwithstanding the provisions of any written law or rule of law relating to the winding up of companies, in the event of a winding up of a bank, the following liabilities in Singapore of the bank shall, amongst themselves, rank in the following order of priority:
(a)
firstly, any premium contributions due and payable by the bank under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011;
(b)
secondly, liabilities incurred by the bank in respect of insured deposits, up to the amount of compensation paid or payable out of the DI Fund by the Agency under the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011 in respect of such insured deposits;
(c)
thirdly, deposit liabilities incurred by the bank with non-bank customers other than those specified in paragraphs (b) and (d);
(d)
fourthly, deposit liabilities incurred by the bank with non-bank customers when operating an Asian Currency Unit approved under section 77.
[31/2005; 1/2007]
(2)  The liabilities in each class specified in subsection (1) shall —
(a)
rank in the order specified therein but as between liabilities of the same class shall rank equally between themselves; and
(b)
be paid in full unless the assets of the bank are insufficient to meet them in which case they shall abate in equal proportions between themselves.
[2/84; 31/2005]
(3)  For the purposes of section 61 and this section, “deposit liabilities of a bank” means the liabilities of the bank in respect of —
(a)
sums of money paid to the bank on terms —
(i)
under which they will be repaid, with or without interest or at a premium, or with any consideration in money or money’s worth, either on demand or at a time or in circumstances agreed by or on behalf of the persons making the payments and the bank; and
(ii)
which are not referable to the provision of property or services or to the giving of security; and
(b)
such other product as may be prescribed,
but does not include —
(i)
in the case of a bank incorporated in Singapore, liabilities of the bank arising from loans —
(A)
granted by creditors whose claims are fully subordinated to the claims of all un-subordinated creditors; and
(B)
the terms of which comply with the criteria for the treatment of the liabilities as capital in the computation of the bank’s capital adequacy ratio under section 10, whether or not the entire amount of such liabilities is treated as capital in the computation; and
(ii)
liabilities of the bank in respect of such other product as may be prescribed.
[1/2007]
(4)  For the purposes of subsection (3)(a)(ii), money is paid on terms which are referable to the provision of property or services or to the giving of security if, and only if —
(a)
it is paid by way of advance or part payment under a contract for the sale, hire or other provision of property or services, and is repayable only in the event that the property or services is or are not in fact sold, hired or otherwise provided;
(b)
it is paid by way of security for the performance of a contract or by way of security in respect of loss which may result from the non-performance of the contract; or
(c)
it is paid by way of security for the delivery up or return of any property, whether in a particular state of repair or otherwise.
[1/2007]
(4A)  For the avoidance of doubt, any liability of a bank excluded from the definition of “deposit liabilities of a bank” in subsection (3) shall rank pari passu with all other unsecured liabilities of the bank.
[1/2007]
(5)  In this section, “Agency”, “DI Fund” and “insured deposit” have the same respective meanings as in section 2(1) of the Deposit Insurance and Policy Owners’ Protection Schemes Act 2011.
Priorities for set-off in winding up of bank
62A.  Notwithstanding any written law or rule of law relating to the winding up of companies, in the event of the winding up of a bank in Singapore, a liquidator shall first set-off a depositor’s liabilities to the bank (whether or not incurred in the Asian Currency Unit of the bank) against any deposit of the depositor placed with the bank other than with the Asian Currency Unit of the bank.
[1/2007]
Redemption of securities held by bank under liquidation
63.
—(1)  As soon as practicable after the making of an order for the winding up of a bank, the liquidator of the bank shall —
(a)
publish in the Gazette a notice requiring every debtor of the bank to redeem any property he has deposited with the bank as security for any loan that he has obtained from the bank; and
(b)
send by registered post the notice to every debtor whose security is held by the bank and whose name is mentioned in the statement of affairs made out under section 270 of the Companies Act (Cap. 50).
[2/84]
(2)  The notice shall specify the latest date up to which any security may be redeemed, which date shall not be less than 3 months from the date of the notice.
[2/84]
Execution of instruments under seal
64.
—(1)  Notwithstanding anything in the articles of association or regulations of any bank incorporated in Singapore with respect to the execution of instruments under its seal, but without prejudice to anything in those articles or regulations not inconsistent herewith, the seal of the bank shall not be affixed to any instrument except in the presence of a director of the bank and of one other person being either a director or an officer of the bank duly authorised in that behalf.
(2)  The director and that other person as mentioned in subsection (1) shall sign every instrument to which the seal of the company is so affixed in their presence.
Offences by director and executive officers of bank and false or misleading information
66.
—(1)  Subject to subsection (5), any director or executive officer of a bank in Singapore who fails to take all reasonable steps to secure compliance by the bank with any provision of this Act or any other written law applicable to banks in Singapore shall, if such failure is not already an offence under any other provision of this Act, be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both.
[1/2007]
(2)  Any person who —
(a)
furnishes the Minister or the Authority with any information or document under or for the purposes of any provision of this Act which is false or misleading in a material particular; and
(b)
does not use due care to ensure that the information or document is not false or misleading in any material particular,
shall, if the furnishing of such information or document which is false or misleading in a material particular is not already an offence under any other provision of this Act, be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both.
[1/2007]
(3)  In any proceedings against a person under subsection (1) or (2), it shall be a defence for him to prove that —
(a)
he had reasonable grounds for believing that a competent and reliable person was charged with the duty of securing compliance with the provision of this Act or any other written law applicable to banks in Singapore, or with the duty of ensuring that the information or document is not false or misleading in any material particular, as the case may be; and
(b)
the person was in a position to discharge that duty.
[1/2007]
(4)  A person shall not be sentenced to imprisonment for any offence under subsection (1) or (2) unless, in the opinion of the court, he committed the offence wilfully.
[1/2007]
(5)  Notwithstanding subsection (1), no director or executive officer shall be guilty of an offence under that subsection where the non-compliance by the bank with any provision of this Act or any other written law applicable to banks results in the imposition of only a financial penalty on the bank.
[1/2007]
Offences by directors, employees and agents
67.  Any director, executive officer, trustee, auditor, employee or agent of any bank in Singapore who —
(a)
wilfully makes or causes to be made a false entry in any book of record or in any report, slip, document or statement of the business, affairs, transactions, conditions, assets or accounts of that bank;
(b)
wilfully omits to make an entry in any book of record or in any report, slip, document or statement of the business, affairs, transactions, conditions, assets or accounts of that bank, or wilfully causes any such entry to be omitted; or
(c)
wilfully alters, abstracts, conceals or destroys an entry in any book of record or in any report, slip, document or statement of the business, affairs, transactions, conditions, assets or accounts of that bank, or wilfully causes any such entry to be altered, abstracted, concealed or destroyed,
shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $125,000 or to imprisonment for a term not exceeding 3 years or to both.
[2/84; 23/2001; 1/2007]
Indemnity
68.  [Repealed by Act 24 of 2003]
Composition of offences
69.
—(1)  The Authority may, in its discretion, compound any offence under this Act which is prescribed as a compoundable offence by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the amount of the maximum fine that is prescribed for the offence.
[1/2007]
(1A)  The Authority may, in its discretion, compound any offence under this Act (including an offence under a provision which has been repealed) which —
(a)
was compoundable under this section at the time the offence was committed; but
(b)
has ceased to be so compoundable,
by collecting from a person reasonably suspected of having committed the offence a sum of money not exceeding one half of the amount of the maximum fine prescribed for that offence at the time it was committed.
(2)  On payment of the sum of money referred to in subsection (1) or (1A), no further proceedings shall be taken against that person in respect of the offence.
[1/2007]
(3)  The Authority may make regulations to prescribe the offences which may be compounded.
[1/2007]
(4)  All sums collected by the Authority under subsection (1) or (1A) shall be paid into the Consolidated Fund.
Publication of list of banks
70.
—(1)  The Authority shall cause to be published in the Gazette in the month of April in each year a list of all banks to which licences have been issued under this Act.
(2)  If any licence is issued, revoked or surrendered during the interval between the publication of 2 such lists, notice thereof shall also be caused to be published in the Gazette.
General penalty
71.  Any bank which contravenes any of the provisions of this Act for which no penalty is expressly provided shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part thereof during which the offence continues after conviction.
[23/2001]
Offences triable in District Court
72.  Notwithstanding the provisions of any other written law, offences under this Act may be tried in a District Court, which shall have the power to impose the maximum penalty prescribed for any offence under this Act.
Consent of Public Prosecutor
73.  No prosecution in respect of any offence under this Act shall be instituted except with the consent of the Public Prosecutor.
Recovery of fees, expenses, etc.
74.
—(1)  There shall be recoverable as a civil debt due to the Authority from the bank concerned —
(a)
the amount of any fees payable under sections 8 and 13; and
(b)
any remuneration and expenses payable by the bank to —
(i)
an auditor appointed under section 44A(3);
(ii)
a statutory adviser appointed under section 49(2);
(iii)
a statutory manager appointed under section 49(2);
(iv)
the Authority or any person employed or authorised by the Authority under section 3 in relation to the Authority assuming control of any business of the bank under section 49; and
(v)
any person appointed to perform any independent assessment under Part VIIA.
(1A)  The Authority may recover on behalf of the Government any financial penalty imposed under section 38(7) or 39(7) on the bank concerned as though the financial penalty were a civil debt due to the Authority.
(2)  Any remuneration and expenses payable by a licensee defined in section 56 to an auditor appointed under section 57F(5) shall be recoverable as a civil debt due to the Authority from the licensee.
[1/2007]
(3)  Notwithstanding any provision in the Limitation Act (Cap. 163), an action to recover any financial penalty recoverable by virtue of this section shall not be brought after the expiration of 3 years from the date on which the cause of action accrued.
[1/2007]
Power to refund, reduce, etc., financial penalty
74A.  The Authority may, of its own motion, review any financial penalty imposed under section 38(7) or 39(7) and decide —
(a)
not to impose the financial penalty;
(b)
to reduce the financial penalty payable; or
(c)
where any financial penalty has been paid, to refund the whole or part of the amount paid.
[23/2001; 1/2007]
Operation of this Act not to affect Companies Act
75.
—(1)  Nothing in this Act shall affect the operation of the Companies Act (Cap. 50), and any bank that is liable to be incorporated under that Act shall continue to be so liable as if this Act had not been passed.
(2)  In case of conflict between the Companies Act (Cap. 50) and this Act, the provisions of this Act shall prevail unless otherwise provided in this Act.
Service of documents, etc.
75A.
—(1)  Any notice, order or document required or authorised by this Act to be served on any person may be served —
(a)
by delivering it to the person or to some adult member or employee of his family or household at his last known place of residence;
(b)
by leaving it at his usual or last known place of residence or business in an envelope addressed to the person;
(c)
by sending it by registered post addressed to the person at his usual or last known place of residence or business; or
(d)
in the case of a company, a partnership or body of persons —
(i)
by delivering it to the secretary or other like officer of the company, partnership or body of persons at its registered office or principal place of business; or
(ii)
by sending it by registered post addressed to the company, partnership or body of persons at its registered office or principal place of business.
[23/2001]
(2)  Any notice, order or document sent by registered post to any person in accordance with subsection (1) shall be deemed to be duly served on the person at the time when the notice, order or document, as the case may be, would in the ordinary course of post be delivered.
[23/2001]
(3)  When proving service of the notice, order or document referred to in subsection (2), it shall be sufficient to prove that the envelope containing the notice, order or document, as the case may be, was properly addressed, stamped and posted by registered post.
[23/2001]
Electronic service
75B.
—(1)  The Authority may provide an electronic service for the service of any document that is required or authorised by this Act to be served on any person.
[1/2007]
(2)  For the purposes of the electronic service, the Authority may assign to any person —
(a)
an authentication code; and
(b)
an account with the electronic service.
[1/2007]
(3)  Notwithstanding section 75A, where any person has given his consent for any document to be served on him through the electronic service, the Authority may serve the document on that person by transmitting an electronic record of the document to that person’s account with the electronic service.
[1/2007]
(4)  Where a person has given his consent for a document to be served on him through the electronic service, the document shall be deemed to have been served at the time when an electronic record of the document enters his account with the electronic service.
[1/2007]
(5)  Notwithstanding any other written law, in any proceedings under this Act —
(a)
an electronic record of any document that was served through the electronic service; or
(b)
any copy or print-out of that electronic record,
shall be admissible as evidence of the facts stated or contained therein if that electronic record, copy or print-out —
(i)
is certified by the Authority to contain all or any information served through the electronic service in accordance with this section; and
(ii)
is duly authenticated in the manner specified in subsection (7) or is otherwise authenticated in the manner provided in the Evidence Act (Cap. 97) for the authentication of computer output.
[1/2007]
(6)  For the avoidance of doubt —
(a)
an electronic record of any document that was served through the electronic service; or
(b)
any copy or print-out of that electronic record,
shall not be inadmissible in evidence merely because the document was served without the delivery of any equivalent document or counterpart in paper form.
[1/2007]
(7)  For the purposes of this section, a certificate —
(a)
giving the particulars of —
(i)
any person whose authentication code was used to serve the document; and
(ii)
any person or device involved in the production or transmission of the electronic record of the document, or the copy or print-out thereof;
(b)
identifying the nature of the electronic record or copy or print-out thereof; and
(c)
purporting to be signed by the Authority or by a person occupying a responsible position in relation to the operation of the electronic service at the relevant time,
shall be sufficient evidence that the electronic record, copy or print-out has been duly authenticated, unless the court, in its discretion, calls for further evidence on this issue.
[1/2007]
(8)  Where the electronic record of any document, or a copy or print-out of that electronic record, is admissible under subsection (5), it shall be presumed, until the contrary is proved, that the electronic record, copy or print-out accurately reproduces the contents of that document.
[1/2007]
(9)  The Authority may make regulations which are necessary or expedient for carrying out the purposes of this section, including regulations prescribing the procedure for the use of the electronic service, including the procedure in circumstances where there is a breakdown or interruption of the electronic service.
[1/2007]
(10)  In this section —
“account with the electronic service”, in relation to any person, means a computer account within the electronic service which is assigned by the Authority to that person for the storage and retrieval of electronic records relating to that person;
“authentication code”, in relation to any person, means an identification or identifying code, a password or any other authentication method or procedure which is assigned to that person for the purposes of identifying and authenticating the access to and use of the electronic service by that person;
“document” includes notice and order;
“electronic record” has the same meaning as in section 2 of the Electronic Transactions Act (Cap. 88).
[1/2007]
Exemption
76.  Nothing in this Act shall be construed so as to prevent any of the following persons from carrying on any activity or business (other than an activity or a business referred to in Part VIII) for which he is registered or licensed under the following respective Act corresponding to that person:
(a)
[Deleted by Act 23/2008 wef 20/10/2008]
(b)
any business of pawnbroking carried on by a person licensed under the Pawnbrokers Act (Cap. 222); or
(c)
any finance company licensed under the Finance Companies Act (Cap. 108).
[28/93; 37/98; 23/2001; 1/2007]
Authority’s powers of exemption
76A.
—(1)  The Authority may, by regulations, exempt any person or class of persons from all or any of the provisions of this Act, subject to such conditions as may be prescribed.
[1/2007]
(2)  The Authority may, on the application of any person, by notice in writing, exempt the person from all or any of the provisions of this Act or any direction issued or requirement imposed by the Authority under this Act if the Authority considers it appropriate to do so in the circumstances of the case.
[1/2007]
(3)  An exemption under subsection (2) —
(a)
may be granted subject to such conditions as the Authority may specify by notice in writing; and
(b)
need not be published in the Gazette.
[1/2007]
(4)  The Authority may at any time —
(a)
revoke any exemption granted; or
(b)
add to, vary or revoke any condition imposed,
under this section.
[1/2007]
Authority to approve operation of an Asian Currency Unit
77.
—(1)  No person shall establish and operate an Asian Currency Unit without first obtaining the approval of the Authority.
[2/84]
(2)  The operation of an Asian Currency Unit shall be subject to such terms and conditions as the Authority may from time to time determine.
(3)  Every person who operates an Asian Currency Unit by virtue of this section shall be subject to the provisions of this Act except those that are specified in subsection (4).
[2/84]
(4)  If the person referred to in subsection (3) is —
(a)
a merchant bank (whether incorporated in or outside Singapore) approved under section 28 of the Monetary Authority of Singapore Act (Cap. 186), or a corporation incorporated outside Singapore, it shall not be subject to —
(i)
any requirement imposed under section 29(1) in relation to any person or group of persons specified in paragraphs (a) and (b) of that provision; and
(ii)
sections 31, 33, 38 and 39; or
(b)
a corporation incorporated in Singapore (other than a merchant bank specified in paragraph (a)), it shall not be subject to sections 38 and 39.
[1/2007]
(5)  In this section, “Asian Currency Unit” means an operational unit that has been approved by the Authority to operate in the Asian Dollar Market subject to such conditions as the Authority may determine.
[2/84]
Amendment of Schedules
77A.
—(1)  The Minister may from time to time, by order published in the Gazette, amend, add to or vary the Fourth or Fifth Schedule.
[1/2007]
(2)  The Minister may, in any order under subsection (1), make such incidental, consequential or supplementary provisions as may be necessary or expedient.
[1/2007]
(3)  Any order made under subsection (1) shall be presented to Parliament as soon as possible after publication in the Gazette.
[1/2007]
Regulations
78.
—(1)  The Authority may, from time to time, make such regulations as may be necessary or expedient for carrying out the purposes and provisions of this Act and for prescribing anything that may be required or authorised to be prescribed by this Act.
[28/93]
(2)  Without prejudice to the generality of subsection (1), regulations may be made for or with respect to the operations or activities of any person issuing a credit card or charge card including the minimum qualifying criteria for the issue of a credit card or charge card, the standards to be maintained in the conduct of the credit card or charge card business and the duties to be undertaken when soliciting or issuing a credit card or charge card.
[1/2007]
(3)  Without prejudice to the generality of subsection (1), regulations may be made for or with respect to —
(a)
the corporate governance, and the appointment and removal of principal officers, of banks in Singapore, their related corporations or other companies in which the banks acquire or hold, directly or indirectly, a major stake as defined in section 32(7); and
(b)
the prohibition or restriction on mutual shareholdings held between the banks, related corporations or other companies referred to in paragraph (a).
[23/2001; 1/2007]
(4)  Regulations made under this section may relate to all, or any class, category or description of persons or banks, and may make different provisions for different classes, categories or descriptions of persons or banks or to a particular person or bank or of general or specifically limited application.
[28/93]
(5)  Except as otherwise expressly provided in this Act, regulations made under this section may provide that any contravention thereof shall be an offence punishable —
(a)
in the case of an individual, with a fine not exceeding $12,500 or with imprisonment for a term not exceeding 12 months or with both and, in the case of a continuing offence, with a further fine not exceeding $1,250 for every day or part thereof during which the offence continues after conviction; or
(b)
in any other case, with a fine not exceeding $25,000 and, in the case of a continuing offence, with a further fine not exceeding $2,500 for every day or part thereof during which the offence continues after conviction.
[23/2001]
Transitional licensing provisions
79.  Notwithstanding sections 4 and 9, any bank specified in the First Schedule which on 1st January 1970 was carrying on banking business in Singapore shall, as from 1st January 1971, be granted a licence under this Act, which may be made subject to such conditions, if any, as are contained in any licence under which the bank was carrying on banking business in Singapore immediately before that date.