Banking Act 1970 · 2020 Revised Edition · Part 9 · Miscellaneous
60. Declaration of holidays
Feedback & supportLast amended by an amending law of 2020. 2 amendments in all.
The Authority may, at any time by notice published in the Gazette, declare any day or days as a bank holiday or holidays, and prohibit banks in Singapore or merchant banks in Singapore from conducting, during the bank holiday or holidays —
such activities as may be specified in the notice; or
all activities other than such activities as may be specified in the notice.
[Deleted by Act 5 of 2016]
A bank holiday declared under subsection (1) is not necessarily a public holiday and nothing in this section affects any written law which may from time to time be in force in Singapore relating to public holidays.
bank
“bank” means any company which holds a valid bank licence under section 7 or 79;
Any reference to a bank holiday in any written law which is in force in Singapore includes —
any day declared to be a bank holiday under this section; and (b)any day which is a public holiday within the meaning of any written law which is in force in Singapore relating to public holidays.
Any bank or merchant bank which contravenes any prohibition under a notice mentioned in subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 and, in the case of a continuing offence, to a further fine not exceeding $10,000 for every day or part of a day during which the offence continues after conviction.
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;
In this section, “day” includes a part of a day.