34. Grace period for sections 30 to 33

Despite sections 30 to 33, where any business was carried on, or any property or investment was held, by a bank in Singapore immediately before 18 July 2001 with the approval of the Authority (where required) or which did not require the approval of the Authority, the bank may continue to carry on such business or hold such property or investment (as the case may be) for a period of 3 years from 18 July 2001.

The Authority may, on application by a bank in Singapore, extend the period mentioned in subsection (1) for such further period as the Authority considers appropriate.

The Authority may, in granting an application for extension under subsection (2) —

The Authority may, on application by a bank in Singapore, waive any requirement in section 30, 31, 32 or 33, on such conditions as the Authority may impose, where in the opinion of the Authority, the waiver is reasonably necessary for the bank to divest the business, property or investment mentioned in subsection (1) by the end of the period mentioned in that subsection or the further period mentioned in subsection (2).