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laws.sgby aturio
In forceAmended2020 Revised Edition
Contents

Part 9 · Miscellaneous

74. Recovery of fees, expenses, etc.

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Amended

Last amended by an amending law of 2020. 3 amendments in all.

(1)

There is recoverable as a civil debt due to the Authority from the bank concerned —

(a)

the amount of any fees payable under sections 8 and 13; and

(b)

any remuneration and expenses payable by the bank to —

(i)

an auditor appointed under sections 44A(3) and 46B(3);

(ii)

a statutory adviser appointed under section 49(2);

(iii)

a statutory manager appointed under section 49(2);

(iv)

the Authority or any person employed or authorised by the Authority under section 3 in relation to the Authority assuming control of any business of the bank under section 49; and

(v)

any person appointed to perform any independent assessment under Part 7A.

(1A)

The Authority may recover as a civil debt due to the Authority from a merchant bank —

(a)

the amount of any fees payable by the merchant bank under sections 8 and 13 as applied by section 55ZB(1); and

(b)

any remuneration and expenses payable by the merchant bank to —

(i)

an auditor appointed under sections 44A(3) and 46B(3) as applied by section 55ZJ(1);

(ii)

a statutory adviser appointed under section 49(2)(b) as applied by section 55ZJ(1);

(iii)

a statutory manager appointed under section 49(2)(c) as applied by section 55ZJ(1);

(iv)

the Authority or any person employed or authorised by the Authority under section 3 in relation to the Authority assuming control of any business of the merchant bank under section 49 as applied by section 55ZJ(1); and

(v)

any person appointed to perform any independent assessment under section 55B(4) as applied by section 55ZK(1).

(1B)

The Authority may recover on behalf of the Government —

(a)

any financial penalty imposed under section 38(7) or 39(7) on a bank; or

(b)

any financial penalty imposed under section 38(7) as applied by section 55ZG(1) on a merchant bank,as though the financial penalty were a civil debt due to the Authority.

(2)

Any remuneration and expenses payable by a licensee defined in section 56 to an auditor appointed under section 57F(5) is recoverable as a civil debt due to the Authority from the licensee.

(3)

Despite any provision in the Limitation Act 1959, an action to recover any financial penalty recoverable by virtue of this section must not be brought after the end of 3 years from the date on which the cause of action accrued.

Report

Read on from s 74A

Schedules

Read on from Schedules