Clause 3

by deleting “, 11” in the definition of “bank”;

by inserting, immediately after the definition of “banking business”, the following definitions:“ “book” includes any record, register, document or other record of information and any account or accounting record, however compiled, recorded or stored, whether in written, printed form or on microfilm or by electronic process or otherwise;“business day” means any calendar day other than a Saturday, Sunday, public holiday or bank holiday;”;

by deleting the definition of “capital funds” and substituting the following definitions:“ “capital funds” means —

in the case of a bank incorporated in Singapore —

in sections 31 and 33, its capital used for the purposes of calculating its capital adequacy ratio under section 10; or

in other sections of the Act, the aggregate of its paid-up capital (excluding any amount represented by treasury shares) and its published reserves (excluding such reserves as the Authority may specify by notice in writing), deduction having been made for any loss appearing in the accounts of the bank; or

in the case of a bank incorporated outside Singapore, such net head office funds and such other liabilities as the Authority may, by notice in writing, specify;“chief executive”, in relation to a company, means any person, by whatever name described, who —

is in the direct employment of, or acting for or by arrangement with, the company; and

is principally responsible for the management and conduct of the business of the company;”;

by inserting, immediately after the definition of “employee”, the following definition:“ “executive officer”, in relation to a company, means any person, by whatever name described, who —

is in the direct employment of, or acting for or by arrangement with, the company; and

is concerned with or takes part in the management of the company on a day-to-day basis;”;

by inserting, immediately after the definition of “financial holding company”, the following definitions:“ “financial year” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);“foreign company” has the same meaning as in section 4(1) of the Companies Act;“foreign-owned bank incorporated in Singapore” means a bank incorporated in Singapore, the parent bank of which is incorporated outside Singapore;”;

by deleting “, 11” in the definition of “licence”;

by inserting, immediately after the definition of “officer”, the following definitions:“ “parent bank”, in relation to a bank, means a financial institution which is able to exercise a significant influence over the direction and management of the bank or which has a controlling interest in the bank;“parent supervisory authority” means —

in relation to a bank incorporated outside Singapore, the supervisory authority which is responsible, under the laws of the country or territory where the bank or its parent bank is incorporated, formed or established, for supervising the bank or its parent bank, as the case may be; or

in relation to a foreign-owned bank incorporated in Singapore, the supervisory authority which has consolidated supervision authority over the bank;”;

by deleting the definition of “qualifying subsidiary” and substituting the following definitions:“ “qualifying subsidiary” means a company which is a subsidiary of a bank incorporated in Singapore where such bank meets the requirements under section 9(1);“Registrar” has the same meaning as in section 4(1) of the Companies Act (Cap. 50);”;

by deleting the definition of “share” and substituting the following definition:“ “share” has the same meaning as in section 4(1) of the Companies Act and includes an interest in a share;”;

by inserting, immediately after the definition of “sight liabilities”, the following definitions:“ “subsidiary” has the same meaning as in section 5 of the Companies Act;“substantial shareholder” has the same meaning as in section 81 of the Companies Act;”; and

by deleting the full-stop at the end of the definition of “time liabilities” and substituting a semi-colon, and by inserting immediately thereafter the following definitions:“ “total number of issued shares”, in relation to a company, does not include treasury shares;“treasury share” has the same meaning as in section 4(1) of the Companies Act (Cap. 50).”.