Singapore Statutes Online - 23 - Banking (Amendment) Act 2001

On 25/05/2013, you requested for the version in force on 25/05/2013 incorporating all amendments published on or before 25/05/2013. The closest version currently available is that of 17/07/2001.

Amendment of section 22

18. Section 22 of the Banking Act is amended —

(a)

by deleting the words “licensed bank” in the 1st line of subsection (1) and substituting the words “bank in Singapore”;

(b)

by inserting, immediately after “50%” in subsection (1)(b)(ii), the words “or more”;

(c)

by deleting the words “licensed bank whose head office is situated outside Singapore” in subsection (2) and substituting the words “bank incorporated outside Singapore”; and

(d)

by inserting, immediately after subsection (3), the following subsection:

“(4) In this section, any reference to “paid-up capital” in relation to a bank incorporated outside Singapore shall include its equivalent recognised by the Authority as applicable to the bank under the laws of the country or territory in which the bank is incorporated, formed or established.”.