Singapore legislation
Section 97C
Section 97C
Power to freeze bank accounts
(1)
Where the Minister is satisfied that it is necessary to prevent the loss or misuse of the funds of a society, the Minister may, by order, direct a financial institution not to do either of the following for a specified period not exceeding 3 months:
pay any money out of the account of the society;
pay any cheque drawn on the account of the society.
(2)
A financial institution that complies with an order of the Minister under subsection (1) is not liable to any other person in respect of a payment prohibited by the order.
(3)
Any financial institution that contravenes 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 $10,000.
(4)
In this section, “financial institution” means —
a bank licensed under the Banking Act 1970;
a finance company licensed under the Finance Companies Act 1967; or
a society (other than the society mentioned in subsection (1)) that is a credit society.