On 26/05/2013,
you requested for the version in force on 26/05/2013
incorporating all amendments published on or before 26/05/2013.
The closest version currently available is that of 17/07/2001.
41. The Banking Act is amended —
(a)
by deleting “$20,000” and “$2,000” in the following provisions and substituting in each case “$100,000” and “$10,000”, respectively:
“Sections 7(7) (3rd and 4th lines), 22(3) (3rd and 4th lines), 26(7) (4th and 5th lines) and 52(2) (3rd and 4th lines);”.
(b)
by deleting the words “whose head office is situated” in the following provisions and substituting in each case the word “incorporated”:
“Sections 9(1)(c) (1st line) and 37(1) (1st line);”.
(c)
by deleting “11 (1)” in the 2nd line of section 11A and substituting “11”;
(d)
by deleting “$5,000” and “$1,000” in the following provisions and substituting in each case “$25,000” and “$2,500”, respectively:
“Sections 12(3) (3rd and 4th lines), 19(3) (3rd and 4th lines) and 25(9) (3rd and 4th lines);”.
(e)
by deleting sub-paragraph (iii) of section 20(1)(a) and substituting the following sub-paragraph:
“(iii)
if it is a bank incorporated outside Singapore, has had its licence or authority to operate withdrawn by the supervisory authority which is responsible, under the laws of the country or territory where the bank is incorporated, formed or established, for supervising the bank;”;
(f)
by inserting, immediately after the word “bank” wherever it appears in the following provisions, the words “in Singapore”:
“Sections 23, 27(1) (1st line), 28(1) (1st line) and (4) (1st line), 29(1) (1st line), (3) and (4) (1st line), 39(5) (4th line) and (6) (2nd line), 60(2) (1st line), 65 (last line), 66(1) (2nd line) and 67 (2nd line);”.
(g)
by deleting paragraph (c) of section 27(1) and substituting the following paragraph:
“(c)
any related corporation of the bank;”;
(h)
by deleting the word “company” in the 3rd line of section 27(1)(e) and substituting the word “bank”;
(i)
by deleting “$50,000” in the following provisions and substituting in each case “$125,000”:
“Sections 28(7), 66(1) (penultimate line) and 67 (penultimate line);”.
(j)
by deleting the words “the Stock Exchange of Singapore” in the 6th line of section 29(1)(d)(iii) and substituting the words “any stock exchange in Singapore approved under the Securities Industry Act (Cap. 289)”;
(k)
by deleting sub-paragraph (iv) of section 29(1)(d) and substituting the following sub-paragraph:
“(iv)
to any corporation, other than a bank, that is a related corporation of the bank;”;
(l)
by inserting, immediately after the word “banks” wherever it appears in the following provisions, the words “in Singapore”:
(m)
by deleting the words “to (f)” in section 40(2)(a) and substituting the words “to (c)”;
(n)
by deleting the section heading to section 55 and substituting the following section heading:
“Prohibition against opening of numbered accounts”;
(o)
by deleting “$50,000” in the following provisions and substituting in each case “$250,000”:
“Sections 55(3) and 77A(7); and”.
(p)
by deleting the words “section 44(2)” in the following provisions and substituting in each case the words “section 44A(3)”:
“Sections 68(e) and 74(c) (last line).”.