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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Division 2 — Repealed

Division 3 — Repealed

Division 4 — Repealed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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Related Subsidiary Legislation | Legislative History | Amendment Annotation off
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On 19/06/2013, you requested for the version in force on 19/06/2013 incorporating all amendments published on or before 19/06/2013. The closest version currently available is that of 18/04/2013.
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Control of substantial shareholdings in designated financial institutions
15A.
—(1)  No person shall, on or after 18th July 2001*, become a substantial shareholder of a designated financial institution without first obtaining the approval of the Minister.
*  Date of commencement of the Banking (Amendment) Act 2001 (Act 23 of 2001).
[23/2001]
(2)  Subject to section 15C(4), no person who, immediately before 18th July 2001, is a substantial shareholder of a designated financial institution shall continue to be such a shareholder unless he has, within 6 months after 18th July 2001 or such longer period as the Minister may allow, applied to the Minister for approval to continue to be such a shareholder.
[23/2001]
(3)  No person shall, on or after 18th July 2001, enter into any agreement or arrangement, whether oral or in writing and whether express or implied, to act together with any person with respect to the acquisition, holding or disposal of, or the exercise of rights in relation to, their interests in voting shares of an aggregate of 5% or more of the total votes attached to all voting shares in a designated financial institution, without first obtaining the approval of the Minister.
[23/2001; 21/2005]
(4)  Subject to section 15C(4), no person who, at any time before 18th July 2001, has entered into any agreement or arrangement referred to in subsection (3) shall continue to be a party to such an agreement or arrangement unless he has, within 6 months after 18th July 2001 or such longer period as the Minister may allow, applied to the Minister for approval to continue to be a party to such an agreement or arrangement.
[23/2001]
(5)  For the purposes of this section, a person has an interest in any share if —
(a)
he is deemed to have an interest in that share under section 7 of the Companies Act (Cap. 50); or
(b)
he otherwise has a legal or an equitable interest in that share except for such interest as is to be disregarded under section 7 of the Companies Act.
[23/2001]