Singapore legislation

Section 74

of Banking Act 1970

Section 74

Recovery of fees, expenses, etc.

Amended by10/20135/20161/20201/2020

(1)

There is recoverable as a civil debt due to the Authority from the bank concerned —

(a)

the amount of any fees payable under sections 8 and 13; and

(b)

any remuneration and expenses payable by the bank to —

(i)

an auditor appointed under sections 44A(3) and 46B(3);

(ii)

a statutory adviser appointed under section 49(2);

(iii)

a statutory manager appointed under section 49(2);

(iv)

the Authority or any person employed or authorised by the Authority under section 3 in relation to the Authority assuming control of any business of the bank under section 49; and

(v)

any person appointed to perform any independent assessment under Part 7A.

Amended by10/20135/2016

(1A)

The Authority may recover as a civil debt due to the Authority from a merchant bank —

(a)

the amount of any fees payable by the merchant bank under sections 8 and 13 as applied by section 55ZB(1); and

(b)

any remuneration and expenses payable by the merchant bank to —

(i)

an auditor appointed under sections 44A(3) and 46B(3) as applied by section 55ZJ(1);

(ii)

a statutory adviser appointed under section 49(2)(b) as applied by section 55ZJ(1);

(iii)

a statutory manager appointed under section 49(2)(c) as applied by section 55ZJ(1);

(iv)

the Authority or any person employed or authorised by the Authority under section 3 in relation to the Authority assuming control of any business of the merchant bank under section 49 as applied by section 55ZJ(1); and

(v)

any person appointed to perform any independent assessment under section 55B(4) as applied by section 55ZK(1).

Amended by1/2020

(1B)

The Authority may recover on behalf of the Government —

(a)

any financial penalty imposed under section 38(7) or 39(7) on a bank; or

(b)

any financial penalty imposed under section 38(7) as applied by section 55ZG(1) on a merchant bank,as though the financial penalty were a civil debt due to the Authority.

Amended by1/2020

(2)

Any remuneration and expenses payable by a licensee defined in section 56 to an auditor appointed under section 57F(5) is recoverable as a civil debt due to the Authority from the licensee.

(3)

Despite any provision in the Limitation Act 1959, an action to recover any financial penalty recoverable by virtue of this section must not be brought after the end of 3 years from the date on which the cause of action accrued.

Read in full context — Banking Act 1970 →