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 18/04/2013.
55B.
—(1) A transferor may transfer the whole or any part of its business (including its non-banking business) to a transferee which is licensed to carry on banking business in Singapore, if —
(a)
where the transferor is a bank incorporated in Singapore, the Minister has consented to the transfer or has certified that his consent is not required;
(b)
where the transferor is a bank incorporated outside Singapore, the business to be transferred is reflected in the books of the transferor in Singapore in relation to its operations in Singapore;
(c)
the transfer involves the whole or part of the banking business of the transferor; and
(d)
the Court has approved the transfer.
[1/2007]
(2) Subsection (1) is without prejudice to the right of a bank to transfer the whole or any part of its business under any law.
[1/2007]
(3) The Minister may consent to a transfer under subsection (1)(a) if —
(a)
the Authority is satisfied that —
(i)
the transferee is a fit and proper person; and
(ii)
the transferee will conduct the business of the transferor prudently and comply with the provisions of this Act; and
(b)
the Minister is satisfied that it is in the national interest to do so.
[1/2007]
(4) The Minister or the Authority may at any time appoint one or more persons to perform an independent assessment of, and furnish a report on, the proposed transfer of a transferor’s business (or any part thereof) under this Division, whether the transferor is a bank incorporated in or outside Singapore.
[1/2007]
(5) The remuneration and expenses of any person appointed under subsection (4) shall be paid by the transferor and the transferee jointly and severally.
[1/2007]
(6) The Authority shall serve a copy of any report furnished under subsection (4) on the transferor and the transferee.
[1/2007]