Banking Act 1970 · 2020 Revised Edition · Part 9 · Miscellaneous
64. Execution of instruments under seal
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Despite anything in the articles of association or regulations of any bank incorporated in Singapore with respect to the execution of instruments under its seal, but without affecting anything in those articles or regulations not inconsistent with this section, the seal of the bank must not be affixed to any instrument except in the presence of a director of the bank and of one other person being either a director or an officer of the bank duly authorised in that behalf.
bank
“bank” means any company which holds a valid bank licence under section 7 or 79;
The director and that other person as mentioned in subsection (1) must sign every instrument to which the seal of the company is so affixed in their presence.
director
“director” includes any person occupying the position of director of a corporation by whatever name called and includes a person in accordance with whose directions or instructions the directors of a corporation are accustomed to act and an alternate or substitute director;
This section applies to or in relation to a merchant bank incorporated in Singapore as it applies to or in relation to a bank incorporated in Singapore.
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;