Singapore Government
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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Division 2 — Repealed

Division 3 — Repealed

Division 4 — Repealed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

 
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Print   Link to In-Force Version
On 18/04/2014, you requested the version in force on 18/04/2014 incorporating all amendments published on or before 18/04/2014. The closest version currently available is that of 02/01/2014.
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Limit on equity investments
31.
—(1)  No bank in Singapore shall acquire or hold any equity investment in a single company, the value of which exceeds in the aggregate 2% of the capital funds of the bank or such other percentage as the Authority may prescribe.
[23/2001]
(2)  This section shall not apply to —
(a)
any interest held by way of security for the purposes of a transaction entered into in the ordinary course of the business of the bank in Singapore;
(b)
any shareholding or interest acquired or held by a bank in Singapore in the course of satisfaction of debts due to it which is disposed of at the earliest suitable opportunity; or
(c)
any major stake approved under section 32.
[23/2001]
(3)  The Authority may, by regulations —
(a)
provide for the manner of valuation of investments for the purposes of compliance with this section; and
(b)
exclude the operation of this section in respect of any investment or class of investments which may be held by any bank, subject to such conditions as may be prescribed.
[23/2001; 1/2007]
(4)  Any bank which contravenes this section or fails to comply with any condition imposed or prescribed under this section 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]
(5)  In this section, “equity investment” means any beneficial interest in the share capital of a company, and such other investment, interest or right as may be prescribed.
[23/2001; 1/2007]