Banking Act 1970 · 2020 Revised Edition · Part 7B · Merchant Banks
55ZG. Application of provisions in Part 6
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Subject to section 55R, section 38 read with the Fifth Schedule (as applied by section 55ZL) applies to or in relation to a merchant bank in Singapore or a class of merchant banks in Singapore as it applies to or in relation to a bank in Singapore or a class of banks in Singapore.
merchant bank in Singapore
“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;
Subject to section 55R, section 40 applies to or in relation to a merchant bank in Singapore or a class of merchant banks in Singapore as it applies to or in relation to a bank in Singapore or a class of banks in Singapore.
bank in Singapore
“bank in Singapore” means —(a)a bank incorporated in Singapore; or(b)in the case of a bank incorporated outside Singapore, the branches and offices of the bank located within Singapore;