Banking Act 1970 · 2020 Revised Edition · Part 7B · Merchant Banks
55Q. Interpretation of this Part
Feedback & supportLast amended by an amending law of 2020.
In this Part, unless the context otherwise requires —“associate”, in relation to a merchant bank, has the meaning given by section 48AA(5), with each reference to the first entity replaced with a reference to the merchant bank;“deposit” has the meaning given by section 4B(4) read with subsections (4A), (5), (6) and (10) of that section;“deposit-taking business” has the meaning given by section 4B(7) read with subsections (8), (9) and (10) of that section;“merchant bank group”, in relation to a merchant bank, means a group of entities comprising the merchant bank and —
merchant bank
“merchant bank” means any company —(a)that holds a valid merchant bank licence granted under section 55S; or(b)that is treated as having been granted a merchant bank licence in accordance with section 64 of the Banking (Amendment) Act 2020;
any of its associates; and
any other entity treated as part of the merchant bank’s group of companies according to the accounting standards applicable to the merchant bank;“permitted business”, in relation to a merchant bank, means one or both of the following businesses:
banking business;
banking business
“banking business” means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, the making of advances to customers, and includes such other business as the Authority may prescribe for the purposes of this Act;
deposit-taking business.
“associate”, in relation to a merchant bank, has the meaning given by section 48AA(5), with each reference to the first entity replaced with a reference to the merchant bank;
“deposit” has the meaning given by section 4B(4) read with subsections (4A), (5), (6) and (10) of that section;
“deposit-taking business” has the meaning given by section 4B(7) read with subsections (8), (9) and (10) of that section;
“merchant bank group”, in relation to a merchant bank, means a group of entities comprising the merchant bank and —
any of its associates; and
any other entity treated as part of the merchant bank’s group of companies according to the accounting standards applicable to the merchant bank;
“permitted business”, in relation to a merchant bank, means one or both of the following businesses:
banking business;
deposit-taking business.