Singapore legislation
Section 55R
Section 55R
Application of provisions in Parts 3 to 7A
(1)
Where any provision in Parts 3 to 7A (called in this section an incorporated provision) is incorporated by reference in this Part, whether with or without modifications, then, in addition to any specific modifications set out in this Part —
the incorporated provision applies with the necessary modifications;
a reference in the incorporated provision to another incorporated provision is to that other provision as applied in this Part;
a reference in the incorporated provision to a bank is to a merchant bank;
a reference in the incorporated provision to a class of banks is to a class of merchant banks;
a reference in the incorporated provision to a bank in Singapore is to a merchant bank in Singapore;
a reference in the incorporated provision to a class of banks in Singapore is to a class of merchant banks in Singapore;
a reference in the incorporated provision to a bank incorporated in Singapore is to a merchant bank incorporated in Singapore;
a reference in the incorporated provision to a class of banks incorporated in Singapore is to a class of merchant banks incorporated in Singapore;
a reference in the incorporated provision to a bank incorporated outside Singapore is to a merchant bank incorporated outside Singapore;
a reference in the incorporated provision to a foreign‑owned bank incorporated in Singapore is to a foreign‑owned merchant bank incorporated in Singapore;
a reference in the incorporated provision to a bank group is to a merchant bank group;
a reference in the incorporated provision to a bank licence is to a merchant bank licence;
a reference in the incorporated provision to banking business is to a permitted business; and
the incorporated provision applies subject to any other modifications prescribed by regulations made under subsection (2).
(2)
The Minister may, for a period of 3 years starting on 1 July 2021, make regulations to prescribe further modifications to an incorporated provision in its application by this Part.