Singapore legislation
Section 29
Section 29
Power to freeze bank accounts
(1)
Where a notice has been given by the Registrar to a mutual benefit organisation under section 28(3), the Minister may, where he is satisfied that it is likely that the funds of the mutual benefit organisation may be misused, by order, direct any bank in Singapore not to pay any money out and not to pay cheques drawn on the account of that organisation for a specified period not exceeding 3 months.
(2)
A bank and any officer thereof which complies with an order of the Minister under subsection (1) shall be relieved of any liability to any other person in respect of the payment prohibited by the order.
(3)
The manager of any bank which fails to comply with an order of the Minister under subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $3,000 or to imprisonment for a term not exceeding 3 years or to both.