Clause 13

by inserting, immediately after the word “capital” in subsection (1)(a), the words “(or its equivalent recognised by the Authority as applicable to the bank under the laws of the country or territory in which the bank is incorporated, formed or established)”; and

by deleting subsection (2) and substituting the following subsection:“(2) Notwithstanding subsection (1) and section 9, the Authority may, in its discretion, grant a licence to any such bank for such period or periods not exceeding 12 months at any one time as the Authority may think fit, subject to such conditions as it may impose.”.