Banking Act 1970 · 2020 Revised Edition · Part 3 · Licensing of Banks
15A. Control of substantial shareholdings in banks incorporated in Singapore
Feedback & supportLast amended by an amending law of 2013.
A person must not, on or after 18 July 2001, become a substantial shareholder of a bank incorporated in Singapore without first obtaining the approval of the Minister.
Subject to section 15C(4), a person who, immediately before 18 July 2001, is a substantial shareholder of a bank incorporated in Singapore must not continue to be such a shareholder unless the person has, within 6 months after 18 July 2001 or such longer period as the Minister may allow, applied to the Minister for approval to continue to be such a shareholder.
A person must not, on or after 18 July 2001, enter into any agreement or arrangement, whether oral or in writing and whether express or implied, to act together with any person with respect to the acquisition, holding or disposal of, or the exercise of rights in relation to, their interests in voting shares of an aggregate of 5% or more of the total votes attached to all voting shares in a bank incorporated in Singapore, without first obtaining the approval of the Minister.
agreement
“agreement” means an agreement whether formal or informal and whether express or implied;
Subject to section 15C(4), a person who, at any time before 18 July 2001, has entered into any agreement or arrangement mentioned in subsection (3) must not continue to be a party to such an agreement or arrangement unless the person has, within 6 months after 18 July 2001 or such longer period as the Minister may allow, applied to the Minister for approval to continue to be a party to such an agreement or arrangement.
arrangement
“arrangement” includes any formal or informal scheme, arrangement or understanding, and any trust whether express or implied;
For the purposes of this section, a person has an interest in any share if the person —
is deemed to have an interest in that share under section 7 of the Companies Act 1967; or
otherwise has a legal or an equitable interest in that share except for such interest as is to be disregarded under section 7 of the Companies Act 1967.