Singapore legislation
Section 25
Section 25
Publication and exhibition of audited accounts
(1)
Every bank must exhibit in a conspicuous position in each of its offices and branches in Singapore —
a copy of its latest audited annual balance sheet and profit and loss account, together with any notes thereon, and a copy of the report of the auditors, except that in the case of a bank incorporated outside Singapore, those statements may be made in a manner that complies with the law for the time being applicable in the place of its incorporation or origin;
the full and correct names of all persons who are directors for the time being of the bank; and
the names of all subsidiary companies for the time being of the bank.
(1A)
The Authority may, by regulations made under section 78(1), require a bank or class of banks to make available, within a reasonable time, to any person upon the person’s request —
copies of the statements mentioned in subsection (1)(a); and
a document containing —
the full and correct names of all persons who are directors for the time being of the bank;
the names of all subsidiary companies for the time being of the bank; and
any additional information that the bank is required to publish under subsection (4).
(2)
Every bank must, within 5 months after the close of each financial year or within such period as the Authority may approve, publish in such manner as may be prescribed by regulations a copy of its latest audited annual balance sheet and profit and loss account containing at least such information as the Authority may require by written notice.
(3)
In the case of a bank incorporated outside Singapore, the statements mentioned in subsection (2) may be made in a manner that complies with the law for the time being applicable in the place of its incorporation or origin.
(4)
The Authority may, by written notice, require a bank to publish in addition to its balance sheet and profit and loss account under subsection (2) such additional information as the Authority thinks fit.
(5)
Any bank which fails to comply with this section shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $25,000 and, in the case of a continuing offence, to a further fine of $2,500 for every day or part of a day during which the offence continues after conviction.