Singapore legislation
Section 14A
Section 14A
Approval by Minister for merger of certain banks
(1)
Subject to this section and section 14B, on the joint application of a bank and one or more banks which are wholly‑owned subsidiaries of that bank, the Minister may approve the merger of those banks and issue a certificate of approval.
(2)
The issue of a certificate of approval by the Minister under subsection (1) merges the banks that are parties to the merger agreement on which the application for the certificate of approval is based.
(3)
Where a certificate of approval is issued under subsection (1) merging the banks, the merger is for all purposes deemed to have occurred and to be effective on the date mentioned in subsection (4).
(4)
A certificate of approval issued under subsection (1) has no force or effect until a copy of the certificate and the merger agreement on which it is issued is lodged with the Registrar of Companies, and upon being so lodged the certificate is to take effect on and from the date of lodgment.
(5)
No application to the Minister for a certificate of approval merging 2 or more banks may be made under subsection (1) unless —
the merger is between a bank and one or more banks which are wholly‑owned subsidiaries of that bank;
the banks proposing to merge have entered into a merger agreement; and
the application for the certificate of approval is made within 2 weeks from the date of execution of the merger agreement mentioned in paragraph (b).
(6)
Where a certificate of approval is issued under subsection (1) merging the banks, those banks must publish a notice of the approval of the merger at least once in a local Malay, English, Chinese and Tamil language daily newspaper within one week from the date of the certificate of approval.
(7)
To avoid doubt, it is declared that sections 210 and 212 of the Companies Act 1967 do not apply to the banks which have jointly applied for a certificate of approval under subsection (1).