On 20/05/2013,
you requested for the version in force on 20/05/2013
incorporating all amendments published on or before 20/05/2013.
The closest version currently available is that of 31/03/2008.
Action by Authority if bank is unable to meet obligations, etc., or is conducting business to detriment of depositors
49.
—(1) Where —
(a)
a bank informs the Authority that it is or is likely to become insolvent, or that it is or is likely to become unable to meet its obligations, or that it has suspended or is about to suspend payments;
(b)
a bank becomes unable to meet its obligations, or is insolvent, or suspends payments;
(c)
the Authority is of the opinion that the bank —
(i)
is carrying on its business in a manner likely to be detrimental to the interests of its depositors or its creditors;
(ii)
is or is likely to become insolvent, or that it is or is likely to become unable to meet its obligations, or that it is about to suspend payments;
(iii)
has contravened any of the provisions of this Act; or
(iv)
has failed to comply with any condition attached to its licence; or
(d)
the Authority considers it in the public interest to do so,
the Authority may exercise any one or more of the powers specified in subsection (2) as appears to it to be necessary.
[1/2007]
(2) Subject to subsection (1), the Authority may —
(a)
require the bank concerned immediately to take any action or to do or not to do any act or thing whatsoever in relation to its business as the Authority may consider necessary;
(b)
subject to subsection (3), appoint one or more persons as statutory adviser, on such terms and conditions as the Authority may specify, to advise the bank on the proper management of such of the business of the bank as the Authority may determine; or
(c)
subject to subsection (3), assume control of and manage such of the business of the bank as the Authority may determine, or appoint one or more persons as statutory manager to do so on such terms and conditions as the Authority may specify.
[1/2007]
(3) In the case of a bank incorporated outside Singapore, any appointment of a statutory adviser or statutory manager or any assumption of control by the Authority of any business of the bank under subsection (2) shall only be in relation to —
(a)
the business or affairs of the bank carried on, or managed in or from, Singapore; or
(b)
the property of the bank located in Singapore, or reflected in the books of the bank in Singapore in relation to its operations in Singapore.
[1/2007]
(4) Where the Authority appoints 2 or more persons as statutory manager of a bank, it shall specify in the terms and conditions of the appointment which of the duties, functions and powers of the statutory manager —
(a)
may be discharged or exercised by such persons jointly and severally;
(b)
shall be discharged or exercised by such persons jointly; and
(c)
shall be discharged or exercised by a specified person of such persons.
[1/2007]
(5) Where the Authority has exercised any power under subsection (2), it may, at any time and without prejudice to its power under section 20(1)(b), do one or more of the following:
(a)
vary or revoke any requirement of, any appointment made by or any action taken by the Authority in the exercise of such power, on such terms and conditions as it may specify;
(b)
exercise any of the powers under subsection (2);
(c)
add to, vary or revoke any term or condition specified by the Authority under this section.
[1/2007]
(6) No action, suit or other legal proceedings shall lie against —
(a)
a statutory manager; or
(b)
a statutory adviser,
for anything done (including any statement made) or omitted to be done with reasonable care and in good faith in the course of or in connection with —
(i)
the exercise or purported exercise of any power under this Act;
(ii)
the performance or purported performance of any function or duty under this Act; or
(iii)
the compliance or purported compliance with this Act.
[1/2007]