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 7B · Merchant Banks
55ZC. Maintenance of adequate provisions for bad and doubtful debts
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Last amended by an amending law of 2020.
Every merchant bank in Singapore must make provision for bad and doubtful debts and, before any profit or loss is declared, ensure that such provision is adequate.
merchant bank in Singapore
Defined · s 2
“merchant bank in Singapore” means —(a)a merchant bank incorporated in Singapore; or(b)in the case of a merchant bank incorporated outside Singapore, the branches and offices of the merchant bank located in Singapore;