In forceAmended2020 Revised EditionCurrent version · 2020 Revised EditionSee versions on Singapore Statutes Online(opens the publisher’s site)
Banking Act 1970 · 2020 Revised Edition · Part 3 · Licensing of Banks
21. Effect of revocation of bank licence
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Last amended by an amending law of 2020.
(1)
Where an order of revocation becomes effective under section 20 —
(a)
notice of the revocation must be published in the Gazette; and
(b)
the bank must, as from the date of the notice, cease to transact any banking business in Singapore except as may be approved by the Authority for the purpose of winding up its banking business.
(2)
Subsection (1)(b) does not affect the enforcement by any person of any right or claim against the bank or by the bank of any right or claim against any person.