Singapore legislation

Section 55Q

of Banking Act 1970

Section 55Q

Interpretation of this Part

Amended by1/2020

In this Part, unless the context otherwise requires —“associate”, in relation to a merchant bank, has the meaning given by section 48AA(5), with each reference to the first entity replaced with a reference to the merchant bank;“deposit” has the meaning given by section 4B(4) read with subsections (4A), (5), (6) and (10) of that section;“deposit-taking business” has the meaning given by section 4B(7) read with subsections (8), (9) and (10) of that section;“merchant bank group”, in relation to a merchant bank, means a group of entities comprising the merchant bank and —

(a)

any of its associates; and

(b)

any other entity treated as part of the merchant bank’s group of companies according to the accounting standards applicable to the merchant bank;“permitted business”, in relation to a merchant bank, means one or both of the following businesses:

(a)

banking business;

(b)

deposit-taking business.

Definition

“associate”, in relation to a merchant bank, has the meaning given by section 48AA(5), with each reference to the first entity replaced with a reference to the merchant bank;

Definition

“deposit” has the meaning given by section 4B(4) read with subsections (4A), (5), (6) and (10) of that section;

Definition

“deposit-taking business” has the meaning given by section 4B(7) read with subsections (8), (9) and (10) of that section;

Definition

“merchant bank group”, in relation to a merchant bank, means a group of entities comprising the merchant bank and —

(a)

any of its associates; and

(b)

any other entity treated as part of the merchant bank’s group of companies according to the accounting standards applicable to the merchant bank;

Definition

“permitted business”, in relation to a merchant bank, means one or both of the following businesses:

(a)

banking business;

(b)

deposit-taking business.

Amended by1/2020

Read in full context — Banking Act 1970 →