What is Banking Bill?

Banking Bill is Singapore Bill, cited as Bill 29 1970, currently marked in force and first recorded in 1970.

Is Banking Bill still in force?

Yes — Banking Bill is currently in force.

When did Banking Bill take effect?

Banking Bill was first recorded in 1970.

How many clauses does Banking Bill have?

Banking Bill contains 72 clauses.

Where can I read the official version of Banking Bill?

The official text of Banking Bill is published at sso.agc.gov.sg.

Banking Bill (1970, No. 29)

Clause 1

Short title and commencement

This Act may be cited as the Banking Act, 1970, and shall come into operation on such date as the Minister may, by notification in the Gazette, appoint.

Clause 2

Interpretation

(1)

In this Act, unless the context otherwise requires —

Definition

“bank” means any company which carries on banking business and holds a valid licence granted under section 7 or 72 of this Act. All branches and offices in Singapore of such a company shall be deemed to be one bank for the purposes of this Act;

Definition

“banking business” means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, the making of advances to customers, and includes such other business as the Commissioner, with the approval of the Minister, may prescribe for the purposes of this Act;

Definition

“Commissioner” means the Commissioner of Banking appointed under section 3 of this Act;

Definition

“company” means any company defined in any written law for the time being in force relating to companies, any company formed in pursuance of any Royal Charter or Letters Patent, and any company incorporated or registered under any written law in force in Singapore and includes any company incorporated outside Singapore which has complied with the provisions of any written law for the time being in force relating to companies;

Definition

“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;

Definition

“licence” means a licence granted under section 7 or 72 of this Act;

Definition

“place of business” in relation to a bank includes a mobile branch of the bank and a branch established and maintained for a limited period only;

Definition

“savings account liabilities” in relation to a bank means the total deposits at that bank which normally require the presentation of passbooks for the deposit or withdrawal of monies;

Definition

“sight liabilities” in relation to a bank means the total deposits at that bank which are repayable on demand, but does not include savings account liabilities or the deposits of any other bank at that bank;

Definition

“time liabilities” in relation to a bank means the total deposits at that bank which are repayable otherwise than on demand, but does not include savings account liabilities or the deposits of any other bank at that bank.

(2)

Without prejudice to any other meaning which the word “insolvent” may have, a bank shall, for the purposes of this Act, be deemed to be insolvent if either it has ceased to pay its debts in the ordinary course of business or is unable to pay its debts as they become due.

(3)

For the purposes of sections 10, 25, 27 and 28 of this Act “capital funds” means —

(a)

in the case of a bank whose head office is situated in Singapore — the paid-up capital and published reserves of that bank; and

(b)

in the case of a bank whose head office is situated outside Singapore — the net head office funds and such other liabilities as the Commissioner may decide.

Clause 25

Advances, credits and guarantees

(1)

No bank shall —

(a)

grant or permit to be outstanding to any customer any advances, loans or credit facilities or give any financial guarantees or incur any other liabilities on his behalf to an aggregate amount of such advances, loans, facilities, guarantees or liabilities in excess of sixty per centum of the capital funds or, with the approval of the Commissioner, up to but not in excess of one hundred per centum of the capital funds of the bank:Provided that the provisions of this paragraph shall not apply to —

(i)

transactions with the Government;

(ii)

transactions between banks;

(iii)

the purchase of telegraphic transfers or loans or advances made against telegraphic transfers;

(iv)

any facilities granted against letters of credit or bills or guarantees or documents in respect of imports into or exports from Singapore; or

(v)

any other type of transactions which the Commissioner may from time to time approve;

(b)

grant any advance or credit facility against the security of its own shares;

(c)

grant unsecured advances, unsecured loans or unsecured credit facilities which in the aggregate and outstanding at any one time exceed the sum of five thousand Singapore dollars —

(i)

to any of its directors, whether such advances, loans or credit facilities are obtained by its directors jointly or severally;

(ii)

to a firm in which it or any of its directors has an interest as a partner, manager or agent, or to any individual or firm of whom or of which any of its directors is a guarantor; or

(iii)

to any corporation, other than a bank, that is deemed to be related to the bank as described in section 6 of the Companies Act, 1967 (Act 42 of 1967); or

(d)

grant to any of its officers, other than a director, or its employees or other persons, being persons receiving remuneration from such a bank (other than public, registered or licensed accountants, advocates and solicitors, architects, estate agents, doctors and any other persons receiving such remuneration from a bank in respect of their professional services) unsecured advances, unsecured loans or unsecured credit facilities which in the aggregate and outstanding at any one time exceed one year’s emolument of such officer or employee or person.

(2)

In paragraphs (c) and (d) of subsection (1) of this section, the expression “unsecured advances, unsecured loans or unsecured credit facilities” means advances, loans or credit facilities made without security, or in respect of any advance, loan or credit facility made with security, any part thereof which at any time exceeds the market value of the assets constituting that security, or where the Commissioner is satisfied that there is no established market value, on the basis of a valuation approved by him.

(3)

In paragraph (c) of subsection (1) of this section, the expression “director” includes the wife, husband, father, mother, son or daughter of a director.

(4)

All the directors of the bank shall be liable jointly and severally to indemnify the bank against any loss arising from the making of any unsecured advance, unsecured loan or unsecured credit facility under sub-paragraphs (i), (ii) and (iii) of paragraph (c) of subsection (1) of this section.

(5)

Any bank which contravenes any of the provisions of this section shall be guilty of an offence under this Act.

Clause 26

Trade

(1)

No bank shall engage, whether on its own account or on a commission basis, and whether alone or with others, in the wholesale or retail trade, including the import or export trade, except in the course of the satisfaction of debts due to it for the purpose of carrying on its banking business.

(2)

Any bank which contravenes the provisions of subsection (1) of this section shall be guilty of an offence under this Act.

Clause 27

Investments

(1)

No bank shall acquire or hold any part of the share capital of, or otherwise have an interest in, any financial, commercial, agricultural, industrial or other undertaking exceeding in the aggregate forty per centum of that bank’s capital funds except such shareholding as the bank may acquire in the course of the satisfaction of debts due to it, which shareholding shall, however, be disposed of at the earliest suitable opportunity.

(2)

This section shall not apply in respect of —

(a)

any shareholding approved in writing by the Commissioner in another bank or in a subsidiary company formed by the bank concerned for the carrying out of nominee, executor or trustee functions or other functions incidental to banking business;

(b)

any shareholding approved by the Commissioner in any corporation set up for the purpose of promoting development in Singapore.

(3)

The provisions of subsection (1) of this section shall not apply to the Development Bank of Singapore, Limited.

(4)

Any bank which contravenes the provisions of subsection (1) of this section shall be guilty of an offence under this Act.

Clause 28

Immovable property

(1)

No bank shall purchase or acquire any immovable property or any right therein exceeding in the aggregate forty per centum of that bank’s capital funds except as may be reasonably necessary for the purpose of conducting its business or of housing or providing amenities for its staff:Provided that this shall not prevent a bank —

(a)

from letting part of any building which is used for the purpose of conducting its business; or

(b)

from securing a debt on any immovable property and, in the event of default in payment of such debt, from holding such immovable property for realisation by sale or auction at the earliest suitable opportunity.

(2)

The provisions of this section shall not apply to the Development Bank of Singapore, Limited.

(3)

Any bank which contravenes the provisions of subsection (1) of this section shall be guilty of an offence under this Act.

Clause 29

Loans secured by immovable property

(1)

No bank shall make any loans or advances exceeding in the aggregate thirty per centum of the amount of its deposits in Singapore (including the deposits and borrowings from any other bank at that bank) on the security of immovable property for the purpose of purchasing, improving or altering the immovable property:Provided that any bank whose business is principally in such loans or advances may, with the prior written consent of the Commissioner, make such loans or advances in an aggregate amount up to, but not in excess of sixty per centum of the amount of its deposits in Singapore (including the deposits and borrowings from any other bank at that bank).

(2)

A loan or advance secured solely by a mortgage, dead of trust, or other such instrument upon immovable property or by notes or other obligations which are so secured, shall, for the purpose of subsection (1) of this section, be a loan or advance secured by immovable property; a loan or advance secured in part by mortgage, deed of trust, or other instrument upon immovable property, or by notes or other obligations which are so secured, or by any other form of security, shall, for the purposes of this subsection, be a loan or advance secured by immovable property to the extent, but only to the extent, of the value of that immovable property as a security as determined by the Commissioner.

(3)

Nothing in this section shall be construed to prohibit any bank from accepting as security for a loan or advance made in good faith without security or upon security subsequently found to be inadequate, a mortgage, deed of trust, or other instrument upon immovable property, or notes or other obligations which are so secured.

(4)

The provisions of this section shall not apply to the Development Bank of Singapore, Limited.

(5)

Any bank which contravenes the provisions of subsection (1) of this section shall be guilty of an offence under this Act.

Clause 30

Liquidation of prohibited transactions

(1)

Any bank which, before the date of the coming into operation of this Act, has entered into any transaction contrary to any of the provisions of sections 25, 26, 27, 28 and 29 of this Act shall, within six months of the said date, submit a statement of those transactions to the Commissioner and shall furthermore, within the said time or such further time as the Commissioner may specify, liquidate such transaction or come within the limitations prescribed by the said sections and dispose of any property or right as may have been acquired thereby.

(2)

Any bank which fails to comply with the provisions of subsection (1) of this section shall be guilty of an offence under this Act.

Clause 31

Deductions for purposes of sections 25, 27 and 28

For the purposes of sections 25, 27 and 28 of this Act there shall be deducted from the capital funds of the bank any debit balance appearing in the profit and loss account of the bank.

Clause 32

Proof of compliance with section 25, 27, 28 or 29

Any bank, if at any time called upon in writing by the Commissioner so to do, shall satisfy him by the production of such evidence or information as he may require, that the bank is not in contravention of any of the provisions of section 25, 27, 28 or 29 of this Act.

Clause 33

Definition of “published reserves”

For the purposes of sections 25, 27, 28 and 31 of this Act, the expression “published reserves” means reserves which appear in the accounts of the bank, and does not include any reserves which are represented by the writing down of the value of assets or by provision for the depreciation of fixed assets, or which are maintained for any specific purposes.

Clause 72

Transitional licensing provisions

(1)

Notwithstanding the provisions of sections 4 and 9 of this Act, any bank specified in the Fourth Schedule to this Act which on the 1st day of January 1970, was carrying on banking business in Singapore shall, upon the date of the coming into operation of this Act, be granted a licence under this Act, which may be made subject to such conditions, if any, as are contained in any licence under which the bank was carrying on banking business in Singapore immediately before the date of such coming into operation.

(2)

Any bank which is granted a licence under the provisions of this section shall comply with the provisions of section 9 of this Act within a period of two years from the date of the coming into operation of this Act.

(3)

If any bank licensed under the provisions of this section fails to comply with the provisions of section 9 of this Act in accordance with subsection (2) of this section, the licence granted to it under this section shall become null and void except insofar as may be necessary for the purpose of winding up its banking business.

(4)

The Commissioner, with the approval of the Minister, may, in any particular case, extend the period provided by subsection (2) of this section and the period of validity of the licence concerned.

Clause 3

Appointment of Commissioner of Banking

(1)

The Minister shall appoint a Commissioner of Banking for the purposes of this Act.

(2)

The Commissioner may authorise or appoint any person to assist him in the exercise of his functions and duties under this Act, either generally or in any particular case.

(3)

The Commissioner and any person appointed by him pursuant to subsection (2) of this section shall be deemed to be public servants within the meaning of the Penal Code (Cap. 119).

Clause 4

Licensing of banks

(1)

No banking business shall be transacted in Singapore except by a company which is in possession of a valid licence granted under this Act by the Minister authorising it to conduct banking business in Singapore.

(2)

Any person who contravenes the provisions of subsection (1) of this section shall be guilty of an offence under this Act and shall be liable on conviction to imprisonment for a term not exceeding three years or to a fine not exceeding five thousand dollars or to both such imprisonment and fine and in the case of a continuing offence to a further fine of one thousand dollars for every day during which the offence continues after conviction.

Clause 5

Use of word “bank”

(1)

No person or body of persons, whether incorporated or not, other than a bank shall, without the written consent of the Commissioner, use the word “bank” or any of its derivatives in any language, or any other word indicating it transacts banking business, in the name, description or title under which such person or body of persons is transacting business in Singapore or make or continue to make any representation to such effect in any bill head, letter paper, notice, advertisement or in any other manner whatsoever:Provided that nothing in this section shall prohibit an association of banks formed for the protection of common interests from using the word “bank” or any of its derivatives in any language as a part of its name or description of its activities.

(2)

Any person or body of persons whether incorporated or not who contravenes the provisions of subsection (1) of this section shall be guilty of an offence under this Act and shall be liable on conviction to imprisonment for a term not exceeding one year or to a fine not exceeding one thousand dollars or to both such imprisonment and fine and in the case of a continuing offence to a further fine of two hundred and fifty dollars for every day during which the offence continues after conviction.

Clause 6

Examination of persons suspected of transacting banking business

Whenever the Commissioner has reason to believe that a person is transacting banking business without a licence, he shall have the power to examine the books, accounts and records of such person in order to ascertain whether or not such person has violated or is violating any provisions of this Act, and any refusal to submit such books, accounts and records shall be prima facie evidence of the fact of operation without a licence.

Clause 7

Application for licence

(1)

A company which desires authority to carry on banking business in Singapore shall apply in writing to the Commissioner for a licence under this section and shall supply —

(a)

a copy of the memorandum of association and articles of association or other instrument under which the company is incorporated, duly verified by a statutory declaration made by a senior officer of the company;

(b)

a copy of the latest balance-sheet of the company; and

(c)

such other information as may be called for by the Commissioner.

(2)

Upon receiving an application under subsection (1) of this section, the Commissioner shall consider the application and make a recommendation to the Minister stating whether a licence should be granted and the conditions, if any, to be attached to the licence.

(3)

Upon receipt of an application under subsection (1) of this section together with the recommendation of the Commissioner under subsection (2) of this section, the Minister may, subject to the provisions of section 9 of this Act, grant a licence, with or without conditions, or refuse a licence.

(4)

The Minister may at any time, on the recommendation of the Commissioner, vary or revoke any existing conditions of a licence or impose conditions or additional conditions thereto.

(5)

The Commissioner shall, prior to any action under subsection (4) of this section, notify the intention of the Minister to take such action to the bank concerned and shall give the bank an opportunity to submit reasons why the conditions of its licence should not be so varied or revoked.

(6)

Where a licence is subject to conditions the bank shall comply with those conditions.

(7)

Any bank which fails to comply with any of the conditions of its licence shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five thousand dollars and in the case of a continuing offence to a further fine of one thousand dollars for every day during which the offence continues after conviction.

Clause 8

Licence fees

(1)

Every bank in Singapore shall pay such annual licence fee as the Minister may by notification in the Gazette prescribe.

(2)

The Minister may prescribe different licence fees in respect of different classes or categories of banks and such fees shall apply uniformly to such classes or categories.

(3)

The manner of payment of the licence fee shall be as specified by the Commissioner.

Clause 9

Minimum capital requirements

(1)

Subject to the provisions of this Act, no bank shall be granted or shall hold a licence unless —

(a)

in the case of a bank whose head office is situated in Singapore, its capital issued and paid up is not less than three million Singapore dollars deduction having been made in respect of a debit balance, if any, appearing in the profit and loss account of the bank; and

(b)

in the case of a bank whose head office is situated outside Singapore —

(i)

its capital issued and paid up is not less than the equivalent of six million Singapore dollars deduction having been made in respect of a debit balance, if any, appearing in the profit and loss account of the bank; and

(ii)

it holds net head office funds of not less than three million Singapore dollars in Singapore in respect of its business in Singapore, at all times, in the form of assets approved by the Commissioner.

(2)

No bank incorporated in Singapore shall reduce its paid-up capital during the currency of its licence without the approval of the Minister.

Clause 10

Capital funds

(1)

The Commissioner may require banks to maintain capital funds in Singapore in proportion to their total assets or to every category of assets at such ratio or ratios as may from time to time be prescribed.

(2)

Any bank which fails to comply with the requirements of the Commissioner under the provisions of subsection (1) of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five thousand dollars and in the case of a continuing offence to a further fine of one thousand dollars for every day during which the offence continues after conviction.

Clause 11

Foreign government owned banks

No bank shall be granted or shall hold a licence if the Commissioner is satisfied that fifty per centum or more of its capital issued and paid up is owned by or on behalf of the government of any country other than Singapore or of an agency of such government, or that all or a majority of the persons having the direction, control or management of the bank are appointed by or on behalf of such government or agency:Provided that the Minister may, in his absolute discretion, grant a licence to any such bank for such period or periods not exceeding one year at any one time as he may think fit.

Clause 12

Branches

(1)

No bank shall open a new place of business or change the location of an existing place of business in Singapore without submitting a written application in respect thereof to the Commissioner who shall submit such application together with his recommendation thereon to the Minister.

(2)

Upon receipt of an application and the recommendation of the Commissioner under subsection (1) of this section, the Minister may —

(a)

give his approval; or

(b)

without assigning any reason therefor, refuse to give his approval.

(3)

No bank incorporated in Singapore shall open a new branch, agency or office in any place outside Singapore without submitting a written application in respect thereof to the Commissioner who, with the consent of the Minister, shall approve or reject such application.

(4)

Any bank which contravenes the provisions of subsection (1) or (3) of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five hundred dollars and in the case of a continuing offence to a further fine of one hundred dollars for every day during which the offence continues after conviction.

Clause 13

Fees to be paid in respect of branches of banks

(1)

The Minister may from time to time by notification in the Gazette specify the annual fees which banks in Singapore shall pay for each of their branches.

(2)

The manner of payment shall be as specified by the Commissioner.

Clause 14

Mergers

(1)

No bank incorporated in Singapore shall after the coming into operation of this Act be merged or consolidated with or be taken over by any other bank or banks or their subsidiaries or related companies as described in section 6 of the Companies Act, 1967 (Act 42 of 1967), or shall acquire an interest exceeding twenty per centum of the voting share capital of any other bank without application to, and approval by, the Commissioner.

(2)

In considering such an application the Commissioner shall have power to call for such information as he may require.

(3)

Any bank believing itself to be aggrieved by an order of the Commissioner refusing its application may within one month of its being notified of the refusal by the Commissioner appeal against the order to the Minister whose decision thereon shall be final.

Clause 15

Amendment of bank’s constitution

(1)

Every bank incorporated in Singapore shall, prior to the making of any amendment or alteration in the memorandum of association and articles of association or other instrument under which it is incorporated, furnish to the Commissioner particulars in writing of such proposed amendment.

(2)

Every bank whether incorporated inside or outside Singapore shall within three months after the making of any alteration in the memorandum of association and articles of association or other instrument under which it is incorporated furnish to the Commissioner particulars in writing (verified by a statutory declaration made by a senior officer of the bank) of such alteration.

(3)

Any bank which contravenes the provisions of subsection (1) or (2) of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five hundred dollars.

Clause 16

Revocation of licence

(1)

The Minister may on the recommendation of the Commissioner by order revoke a licence issued under this Act —

(a)

if he is satisfied that the bank holding that licence —

(i)

has ceased to transact banking business in Singapore;

(ii)

proposes to make, or has made, any composition or arrangement with its creditors or has gone into liquidation or has been wound up or otherwise dissolved;

(iii)

is carrying on its business in a manner likely to be detrimental to the interests of the depositors of the bank or has insufficient assets to cover its liabilities to its depositors or the public;

(iv)

is contravening the provisions of this Act; or

(v)

has been convicted of any offence under this Act or any of its officers holding a managerial or executive position has been convicted of any offence under this Act; or

(b)

if the Commissioner has made a report to him under subsection (3) of section 44 of this Act and the Minister considers that it is in the public interest to revoke the licence.

(2)

The Minister shall before revoking any licence under the provisions of subsection (1) of this section cause the Commissioner to give the bank concerned notice in writing of his intention to do so, specifying a date, not less than twenty-one days after the date of the notice, upon which such revocation shall take effect and calling upon the bank to show cause to the Minister why such licence should not be revoked.

(3)

When the Minister has revoked a licence under the provisions of subsection (1) of this section, the Commissioner shall forthwith inform the bank of such revocation.

(4)

Any bank whose licence has been revoked pursuant to the provisions of this section shall have a right of appeal to the High Court against the order of revocation.

(5)

An order of revocation made by the Minister shall not take effect until the expiration of a period of twenty-one days after the Commissioner has informed the bank of such order.

(6)

If within such period the bank concerned gives due notice of appeal to the High Court such order shall not take effect unless the order is confirmed by the Court or the appeal is for any reason dismissed by that Court.

(7)

The making of an appeal by a bank under this section shall in no way affect the exercise of the powers of the Minister and the Commissioner in relation to that bank under sections 44, 45, 46, 47 and 48 of this Act.

Clause 17

Effect of revocation of licence

(1)

Where an order of revocation becomes effective under section 16 of this Act —

(a)

notice of such revocation shall be published in the Gazette; and

(b)

the bank shall, as from the date of such notice, cease to transact any banking business in Singapore except as may be approved by the Commissioner for the purpose of winding up its banking business.

(2)

The provisions of paragraph (b) of subsection (1) of this section shall not prejudice the enforcement by any person of any right or claim against the bank or by the bank of any right or claim against any person.

Clause 18

Maintenance of reserve fund

(1)

Every licensed bank —

(a)

shall maintain a reserve fund; and

(b)

shall transfer to such reserve fund out of the net profits of each year, after due provision has been made for taxation —

(i)

so long as the amount of the reserve fund is less than fifty per centum of the paid-up capital, a sum not less than fifty per centum of such net profits;

(ii)

so long as the amount of the reserve fund is fifty per centum but less than one hundred per centum of the paid-up capital, a sum not less than twenty-five per centum of such net profits; and

(iii)

so long as the amount of the reserve fund is one hundred per centum or more of the paid-up capital, a sum not less than five per centum of such net profits.

(2)

If the Commissioner is satisfied that the aggregate reserve fund of a licensed bank whose head office is situated outside Singapore is adequate for its business, he may, by order in writing, exempt such bank from the provisions of subsection (1) of this section.

(3)

Any bank which fails to comply with the provisions of subsection (1) of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding ten thousand dollars.

Clause 19

Maintenance of adequate provision for bad and doubtful debts

Every bank shall make provision for bad and doubtful debts and before any profit or loss is declared ensure that such provision is adequate.

Clause 20

Dividends

No bank shall pay any dividend on its shares until all its capitalized expenditure (including preliminary expenses, organisation expenses, share selling commission, brokerage, amount of losses and any item of expenditure not represented by tangible assets) has been completely written off.

Clause 21

Publication and exhibition of audited balance-sheet

(1)

Every bank shall, within six months after the close of each financial year or within such period as the Commissioner may approve, publish in at least four local daily newspapers, one each published in the Malay, Chinese, Tamil and English languages, and exhibit thereafter throughout the year in a conspicuous position in each of its offices and branches in Singapore —

(a)

a copy of its latest audited annual balance-sheet, and a copy of the profit and loss account, together with any notes thereon, and a copy of the report of the auditors:Provided that in the case of a bank incorporated outside Singapore, the abovementioned statements may be in such manner as comply with the law for the time being applicable in the place of its incorporation or origin;

(b)

the full and correct names of all persons who are directors for the time being of the bank; and

(c)

the names of all subsidiary companies for the time being of the bank.

(2)

A copy of each of the documents referred to in subsection (1) of this section shall be sent to the Commissioner by the bank, prior to the first publication thereof under that subsection, together with a copy of the directors’ report.

(3)

In addition to the balance-sheet and other documents required to be lodged with the Commissioner under subsection (2) of this section, every bank shall lodge with the Commissioner with such balance-sheet and other documents a duly audited balance-sheet showing its assets used in, and liabilities arising out of its operation in, Singapore as at the date to which its balance-sheet was made up and a duly audited profit and loss account which gives a true and fair view of the profit or loss arising out of the bank’s operation in Singapore for the last preceding financial year of the bank:Provided that the bank shall be entitled to make such apportionments of expenses incurred in connection with operations or administration affecting both Singapore and elsewhere and to add such notes and explanations as in its opinion are necessary or desirable in order to give a true and fair view of the profit or loss of its operations in Singapore.

(4)

The Commissioner may, in his absolute discretion, regard the balance-sheet and profit and loss account as having been duly audited for the purpose of subsection (3) of this section if the balance sheet and profit and loss account are accompanied by a report by an approved auditor which complies, insofar as it is practicable, with the provisions of section 174 of the Companies Act, 1967 (Act 42 of 1967).

(5)

In the case of a bank incorporated in Singapore the annual balance-sheet and profit and loss account of such bank referred to in subsection (1) of this section and the balance-sheet and profit and loss account referred to in subsection (3) of this section shall be in such form as the Commissioner may approve; in the case of a bank incorporated outside Singapore only the balance-sheet and profit and loss account referred to in subsection (3) of this section shall be in such form as the Commissioner may approve.

(6)

The Commissioner may require any bank to submit such further or additional information as he may deem necessary either by way of explanation, amplification or otherwise with regard to the balance-sheets and profit and loss accounts sent by that bank under subsections (2) and (3) of this section and such information shall be submitted within such period and in such manner as the Commissioner may require.

(7)

Any bank which fails to comply with the provisions of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five hundred dollars and in the case of a continuing offence to a further fine of one hundred dollars for every day during which the offence continues after conviction.

Clause 22

Information to be furnished by banks

(1)

Every bank shall furnish to the Commissioner at such time and in such manner as the Commissioner may prescribe, all such information as the Commissioner may reasonably require for the proper discharge of his functions.

(2)

Every bank shall send to the Commissioner and the Chief Statistician —

(a)

not later than fifteen days after the last day of each month a statement in the form set out in the First Schedule to this Act showing the assets and liabilities of its banking offices and branches in Singapore at the close of business on the last business day of the preceding month;

(b)

not later than one month after the last day of each quarter of a calendar year, a statement in the form set out in the Second Schedule to this Act giving an analysis of loans and advances of its banking offices and branches in Singapore as at the 31st day of March, 30th day of June, 30th day of September and the 31st day of December, respectively; and

(c)

not later than six months after the close of its financial year a statement in the form set out in the Third Schedule to this Act showing the income and expenditure in respect of its banking business in Singapore.

(3)

The Commissioner may vary or amend the forms set out in the First, Second and Third Schedules to this Act.

(4)

The Commissioner may require any statement submitted to him pursuant to subsections (1) and (2) of this section to be accompanied by a certificate —

(a)

of the auditor appointed by the bank pursuant to subsection (1) of section 53 of this Act; or

(b)

of any other auditor appointed by the Commissioner pursuant to subsection (2) of section 53 of this Act,as to whether in the opinion of the auditor, the statement or information is correct.

(5)

Any information received from a bank under this section shall be regarded as secret between that bank, the Commissioner and the Chief Statistician.

(6)

Nothing in this section shall prevent the Chief Statistician or the Commissioner from preparing and publishing consolidated statements aggregating such information as may be furnished under this section.

(7)

Any bank which fails or neglects to furnish any information required by the Commissioner or the Chief Statistician under the provisions of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five thousand dollars and in the case of a continuing offence to a further fine of one thousand dollars for every day during which the offence continues after conviction.

Clause 23

Action to be taken if advances are against the interests of depositors

(1)

Every bank shall send to the Commissioner not later than fifteen days after the last day of each month a statement in the form to be prescribed by the Commissioner showing particulars of all advances, loans or credit facilities granted by it to —

(a)

any of its directors;

(b)

any firm in which it or any of its directors is a partner, manager or agent, or to any individual or firm of whom or of which any of its directors is a guarantor;

(c)

any corporation that is deemed to be related to the bank as described in section 6 of the Companies Act, 1967 (Act 42 of 1967);

(d)

any of its officers, employees or other persons being persons receiving remuneration from it in excess of one year’s remuneration of the officer, employee or person;

(e)

any private or public company in which it or any of its directors, officers, employees or other persons who receive remuneration from the company has an interest as a director, manager, agent or guarantor; or

(f)

any individual in whom, and any firm or company in which, any of its directors has an interest, directly or indirectly, as declared under the provisions of section 24 of this Act other than such advances, loans and credit facilities, particulars of which have already been supplied pursuant to paragraphs (a) to (e) of this subsection.

(2)

If on examination of the particulars supplied by a bank under subsection (1) of this section it appears to the Commissioner that any such advances, loans or credit facilities are being granted to the detriment of the interests of the depositors of that bank, the Commissioner may by order in writing prohibit that bank from granting any further advances, loans or credit facilities or impose such restrictions on the grant thereof as the Commissioner thinks fit, and may further direct that bank to secure repayment of any such first-mentioned advances, loans or credit facilities within such time and to such extent as may be specified in the order.

(3)

Any bank which has been issued with an order by the Commissioner pursuant to this section may within seven days of the making of such order appeal in writing to the Minister, who may, as he thinks fit, confirm, vary or revoke the order by the Commissioner.

Clause 24

Disclosure of interest by directors

(1)

Every director of a bank who has in any manner whatsoever, whether directly or indirectly, an interest in an advance, loan or credit facility or proposed advance, loan or credit facility from that bank shall as soon as practicable declare the nature of his interest to the board of directors of that bank and the secretary of that bank shall cause such declaration to be circulated forthwith to all the directors.

(2)

The requirements of subsection (1) of this section shall not apply in any case where the interest of the director consists only of being a member or creditor of a company which is interested in an advance, loan or credit facility or proposed advance, loan or credit facility from that bank if the interest of the director may properly be regarded as of a trivial nature.

(3)

For the purposes of subsection (1) of this section, a general notice given to the board of directors of a bank by a director to the effect that he is an officer or member of a specified company or a member of a specified firm and he is to be regarded as having an interest in any advance, loan or credit facility which may, after the date of the notice, be made to that company or firm shall be deemed to be a sufficient declaration of interest in relation to any advance, loan or credit facility so made if —

(a)

it specifies the nature and extent of his interest in the particular company or firm;

(b)

his interest shall not be different in nature or greater in extent than the nature and extent so specified in such notice at the time any advance, loan or credit facility is made; and

(c)

it is given at the meeting of the directors or the director takes reasonable steps to ensure that it is brought up and read at the next meeting of the directors after it is given.

(4)

Every director of a bank who holds any office or possesses any property whereby, whether directly or indirectly, duties or interest might be created in conflict with his duties or interest as director shall declare at a meeting of the directors of that bank the fact and the nature, character and extent of the conflict.

(5)

The declaration referred to in subsection (4) of this section shall be made at the first meeting of the directors held —

(a)

after he becomes a director of the bank; or

(b)

if already a director, after he commences to hold office or to possess the property, as the case may be.

(6)

The secretary of that bank shall cause to be brought up and read any declaration made under subsection (1) or (4) of this section at the next meeting of the directors after it is given, and shall record any declaration made under this section in the minutes of the meeting at which it was made or at which it was brought up and read.

(7)

Any director who acts in contravention of subsection (1) or (4) of this section shall be guilty of an offence under this Act and shall be liable on conviction to imprisonment for a term not exceeding three years or to a fine not exceeding five thousand dollars or to both such imprisonment and fine.

Clause 34

Minimum liquid assets

(1)

The Commissioner may, from time to time, prescribe by notice in writing a minimum amount or amounts of liquid assets to be held by banks.

(2)

The minimum amount or amounts of the assets so prescribed to be held shall be expressed in the form of a percentage or percentages which such assets shall bear to the sight, savings account, time and other liabilities of each bank, either jointly or separately, and such percentage or percentages may be varied by the Commissioner by notice in writing.

(3)

Whenever the Commissioner issues a notice under subsection (1) of this section, each bank shall be allowed such uniform period of grace, being not less than one month, as may be specified in such notice, in which to comply with the provisions thereof.

(4)

A bank shall not, during any period in which it has failed to comply with any notice under subsection (1) of this section, without the approval of the Commissioner, grant further advances to any person.

(5)

For the purpose of computing the minimum amount or amounts of liquid assets under this section and specified assets under section 36 of this Act, and the sight, savings account, time and other liabilities of a bank carrying on business in Singapore and elsewhere, the offices and branches of such bank in Singapore shall be deemed to constitute a separate bank carrying on business in Singapore.

(6)

For the purposes of this section liquid assets shall be —

(a)

notes and coin which are legal tender in Singapore;

(b)

balances with the Accountant-General;

(c)

balances with banks in Singapore, after deducting therefrom balances held for banks in Singapore;

(d)

net money at call in Singapore;

(e)

Treasury bills issued by the Government and maturing within three months (exclusive of days of grace); and

(f)

such other assets as the Commissioner may from time to time approve.

(7)

The Commissioner may by notice in writing require each bank to render such returns as the Commissioner deems necessary for the implementation of this section.

(8)

Any bank which fails to comply with any of the provisions of this section shall be liable to pay, on being called upon to do so by the Commissioner, a penalty interest charge of not more than one-tenth of one per centum of the amount of the deficiency for every day during which the deficiency continues.

(9)

Any bank that fails or refuses to pay a penalty interest charge under subsection (8) of this section shall be guilty of an offence under this Act.

Clause 35

Minimum cash balances

(1)

The Commissioner may from time to time require banks to maintain minimum cash balances on deposit with the Accountant-General as reserves against their deposit and other liabilities:Provided that such balances shall not exceed thirty per centum of each bank’s deposit and other liabilities.

(2)

Subject to the limit specified in subsection (1) of this section, the Commissioner may prescribe different ratios for different types of liabilities and may further prescribe the method of computing the amount of the required reserves, provided that the ratios shall be uniform for all banks.

(3)

Any prescription of, or change in, the minimum reserve requirements under subsection (1) or (2) of this section shall take effect only after the expiration of thirty days’ notice to the banks of the Commissioner’s intention to take such action.

(4)

Where a bank (in this section referred to as “the defaulting bank”) has failed to maintain sufficient minimum cash balances required under subsection (1) of this section the Commissioner may by order in writing direct the defaulting bank to make good the deficiency within the period specified in the order and the defaulting bank shall comply with the requirements of such order.

(5)

If the defaulting bank fails to make good the deficiency within the period specified in the order referred to in subsection (4) of this section it shall be lawful, notwithstanding the provisions of any other written law, for the Commissioner to serve a notice in writing upon any other bank with which the defaulting bank has a credit balance, whether in current or deposit account, directing that bank to transfer to the Accountant-General such amount as is specified in the notice as being equivalent to the amount of the deficiency in the minimum cash balances of the defaulting bank required under subsection (1) of this section and such other bank shall immediately comply with the requirements of that notice.

(6)

No action shall lie against, and no liability shall attach to, any bank that complies with the requirements of a notice referred to in subsection (5) of this section for any loss or damage suffered by the defaulting bank as a result of such other bank taking action in compliance with the requirements of that notice.

(7)

The Commissioner may, in addition to any action taken under subsections (4) and (5) of this section, impose on any bank which fails to maintain sufficient minimum cash balances required under subsection (1) of this section a penalty interest charge of not more than one-tenth of one per centum per day on the amount of the deficiency for every day during which the deficiency continues.

(8)

Any bank that fails or refuses to pay a penalty interest charge under subsection (7) of this section shall be guilty of an offence under this Act.

Clause 36

Minimum asset requirement

(1)

The Commissioner may require banks to maintain a minimum amount or amounts of assets specified in subsection (2) of this section to be held by banks in Singapore expressed as a percentage or percentages which such assets shall bear to the sight, savings account, time and other liabilities of each bank either jointly or separately.

(2)

For the purposes of subsection (1) of this section, the specified assets shall be —

(a)

the assets specified in paragraphs (a) to (f) of subsection (6) of section 34 of this Act;

(b)

loans or advances made to persons in Singapore;

(c)

securities issued by the Government, or by any public authority established by any law, and any other securities issued in Singapore and approved for the purposes of this section by the Commissioner; and

(d)

other assets in Singapore which may be approved by the Commissioner for the purposes of this section.

(3)

Any bank which fails to comply with any of the requirements of the Commissioner under the provisions of subsection (1) of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five thousand dollars and in the case of a continuing offence to a further fine of one thousand dollars for every day during which the offence continues after conviction.

Clause 37

Regulation of interest rates of banks

(1)

The Commissioner, with the approval of the Minister, may from time to time determine and announce the rates of interest payable to or by banks, the rates of discount chargeable by banks, or the rates of commission and other charges payable to banks.

(2)

The provisions of subsection (1) of this section shall not apply to transactions between banks in Singapore.

Clause 38

Recommendations to banks concerning credits and investments

(1)

The Commissioner may, in respect of loans and advances or investments of banks, make recommendations to the banks in respect of the following: —

(a)

the purposes for which they may or may not be granted or made;

(b)

the maximum maturities or, in the case of loans and advances, the type and minimum amount of security which shall be required and, in the case of letters of credit, the minimum or margin deposit; or

(c)

the limits for any particular category of loans, advances or investments or for the total amount outstanding in respect of such loans, advances or investments.

(2)

Any recommendation made under subsection (1) of this section shall apply uniformly to all banks engaging in the transactions covered by the recommendation.

(3)

Where the Commissioner has made a recommendation under subsection (1) of this section which the banks have accepted without objections, or have failed to notify the Commissioner of their objections or have failed to forward their representations to him within the time specified in subsection (4) of this section he may, with the approval of the Minister, issue a direction in writing to each bank on any of the matters referred to in subsection (1) of this section requiring that effect be given to the recommendation within a reasonable time, and the banks shall comply with such direction.

(4)

Where the Commissioner has made a recommendation and the banks have, or any bank has, notified the Commissioner within fourteen days of the receipt of such recommendation that the banks, or any bank, objects to such recommendation, he shall call upon such banks or bank, as the case may be, to make representations in writing within one month of the notification concerning such objections.

(5)

Upon receipt of such representations, the Commissioner shall consider them and, with the approval of the Minister, may —

(a)

reject such representations; or

(b)

amend or modify the recommendation in accordance with the representations, or otherwise,and in either event, he shall thereupon issue a direction in writing, to such banks or bank as the case may be requiring that effect be given to the original recommendation or to the recommendation as subsequently amended or modified by him within a reasonable time, and the banks or any bank, as the case may be, shall comply with such direction.

(6)

The provisions of this section shall not apply to the Development Bank of Singapore, Limited.

Clause 39

Inspection of banks

The Commissioner shall, from time to time, inspect under conditions of secrecy, the books, accounts and transactions of each bank and of any branch, agency or office outside Singapore opened by a bank incorporated in Singapore.

Clause 40

Special investigation of banks

(1)

The Minister may at any time direct the Commissioner to make an investigation, under conditions of secrecy, of the books, accounts and transactions of any bank, if he has reason to believe that any bank is carrying on its business in a manner likely to be detrimental to the interest of its depositors and other creditors, or has insufficient assets to cover its liabilities to the public, or is contravening the provisions of this Act.

(2)

The Commissioner may appoint an auditor, other than the auditor appointed by the bank or the Commissioner under section 53 of this Act, to exercise the powers of the Commissioner under section 39 of this Act and subsection (1) of this section.

Clause 41

Production of bank’s books, accounts and documents

(1)

For the purposes of an inspection or investigation under section 39 or 40 of this Act, the bank under inspection or investigation shall afford the Commissioner access to and shall produce its books, accounts and documents and shall give such information and facilities as may be required to conduct the investigation:Provided that such books, accounts and documents shall not be required to be produced at such times and at such places as shall interfere with the proper conduct of the normal daily business of that bank.

(2)

If any book, account or document or information is not produced in accordance with subsection (1) of this section, it shall be presumed subject to satisfactory evidence being furnished by the bank justifying such refusal to produce such book, account or document or information, that the bank concerned has been carrying on business in contravention of the terms of its licence with effect from that day and shall be liable on conviction to a fine not exceeding five thousand dollars and in the case of a continuing offence to a further fine of one thousand dollars for every day during which the offence continues after conviction.

Clause 42

Banking secrecy

(1)

Except as provided in sections 40 and 41 of this Act, nothing in this Act shall authorise the Commissioner to enquire specifically into the affairs of any individual customer of any bank and any incidental information relating to the affairs of such individual customer obtained by him in the course of an inspection or investigation made by him under the provisions of this Act shall be secret between him and that bank:Provided that nothing in this section shall be deemed to limit any powers conferred upon the High Court or a Judge thereof by the Evidence (Bankers’ Books) Ordinance (Cap. 5) or to prohibit obedience to an order made under that Ordinance.

(2)

No official of any bank and no person who by reason of his capacity or office has by any means access to the records of the bank registers or any correspondence or material with regard to the account of any individual customer of that bank shall give, divulge or reveal any information whatsoever regarding the moneys or other relevant particulars of the account of such customer to —

(a)

any person who, or any bank, corporation or body of persons which, is not resident in Singapore; or

(b)

any foreign government or organisation, unless —

(i)

the customer or his personal representatives gives or give his or their permission so to do;

(ii)

the customer is declared bankrupt; or

(iii)

the information is required to assess the credit worthiness of the customer in connection with or relating to a bona fide commercial transaction or a prospective commercial transaction.

(3)

For the purposes of paragraph (a) of subsection (2) of this section a bank, corporation or body of persons shall be regarded as not residing in Singapore if the control and management of the business thereof is exercised outside Singapore.

(4)

Any person who contravenes the provisions of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine of ten thousand dollars or to imprisonment for a term not exceeding three years or to both such fine and imprisonment.

Clause 43

Information of insolvency, etc

Any bank which considers that it is, or is likely to become, unable to meet its obligations, or is insolvent, or is about to suspend payments, shall forthwith inform the Commissioner of such fact.

Clause 44

Action by Commissioner if bank is unable to meet obligations, etc., or conducting business to the detriment of depositors

(1)

Where —

(a)

a bank informs the Commissioner that it is likely to become unable to meet its obligations, or that it is insolvent, or about to suspend payments;

(b)

a bank becomes unable to meet its obligations, or is insolvent, or suspends payments;

(c)

after an inspection or investigation is made under section 39 or 40 of this Act, the Commissioner is of the opinion that the bank —

(i)

is carrying on its business in a manner likely to be detrimental to the interest of its depositors or its creditors;

(ii)

is insolvent or is likely to become unable to meet its obligations or is about to suspend payment;

(iii)

has contravened or failed to comply with any of the provisions of this Act; or

(iv)

has contravened or failed to comply with any condition attached to its licence; or

(d)

the Commissioner considers it in the public interest to do so,the Commissioner may exercise such one or more of the powers specified in subsection (2) of this section as appears to him to be necessary.

(2)

Subject to subsection (1) of this section, the Commissioner may —

(a)

require the bank concerned forthwith to take any action or to do or not to do any act or thing whatsoever in relation to its business as he may consider necessary;

(b)

appoint a person to advise that bank in the proper conduct of its business;

(c)

assume control of and carry on the business of that bank or direct some other person to assume control of and carry on the business of that bank.

(3)

The Commissioner shall report to the Minister the circumstances of any action taken by him under the provisions of subsection (2) of this section.

(4)

The Commissioner may, upon representation made to him or on his own motion, modify or cancel any action taken by him under subsection (2) of this section, and in so modifying or cancelling any action may impose such conditions as he thinks fit, subject to which the modification or cancellation shall have effect.

(5)

Any person aggrieved by the action of the Commissioner under the powers conferred by paragraphs (a), (b) and (c) of subsection (2) of this section may appeal to the Minister.

(6)

An appeal under subsection (5) of this section shall not, unless the Minister otherwise decides, stay the exercise of the powers conferred by this section pending the determination of the appeal.

Clause 45

Powers of Minister

Where —

(a)

the Commissioner makes a report to the Minister under subsection (3) of section 44 of this Act; or

(b)

any person appeals to the Minister under subsection (5) of section 44 of this Act,the Minister may, without prejudice to the powers conferred by paragraph (b) of subsection (1) of section 16 of this Act, exercise one or more of the following powers, that is to say —

(i)

confirm, vary or reverse any requirement, appointment or direction made by the Commissioner;

(ii)

make such order as he may think fit in relation to the affairs of the bank and exercise any power which the Commissioner may exercise under subsection (2) of section 44 of this Act;

(iii)

direct the Commissioner to present a petition to the High Court for the winding up of the bank by the High Court.

Clause 46

Duration of control

(1)

Where the Commissioner has assumed control of the business of a bank in pursuance of section 44 of this Act the Commissioner shall, subject to subsection (2) of this section, remain in control of, and continue to carry on, the business of that bank in the name and on behalf of the bank until such time as he is satisfied that the reasons for which he assumes control under section 44 of this Act has ceased to exist.

(2)

Where the Commissioner has assumed control of the business of a bank in pursuance of section 44 of this Act the Minister may, upon the application of the bank, if he is satisfied that it is no longer necessary for the protection of the depositors of the bank that the Commissioner should remain in control of the business of the bank, order that the Commissioner shall cease to control the business of the bank as from a date specified in the order.

(3)

Where the Commissioner has assumed control of the business of a bank in pursuance of section 44 of this Act or ceased to control the business of a bank in pursuance of this section, he shall notify that fact in the Gazette.

Clause 47

Bank under control of Commissioner to co-operate with Commissioner

(1)

Where the Commissioner has assumed control of the business of a bank in pursuance of section 44 of this Act the bank shall submit its business to the control of the Commissioner and shall provide the Commissioner with such facilities as he may require to carry on the business of that bank.

(2)

Any bank which fails to comply with subsection (1) of this section or with any requirement of the Commissioner thereunder shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five thousand dollars and in the case of a continuing offence to a further fine of one thousand dollars for every day during which the offence continues after conviction.

Clause 48

Remuneration and expenses of Commissioner and others in certain cases

(1)

The Commissioner may at any time (whether or not the appointment of such person has terminated) fix the remuneration and expenses to be paid by a bank to any person appointed by the Commissioner under subsection (2) of section 44 of this Act or by the Minister under section 45 of this Act, to advise the bank in the proper conduct of its business.

(2)

Where the Commissioner has assumed control of the business of a bank under paragraph (c) of subsection (2) of section 44 of this Act or pursuant to an order of the Minister under paragraph (ii) of section 45 of this Act or some other person has assumed control of the business of a bank pursuant to a direction of the Commissioner under paragraph (c) of subsection (2) of section 44 of this Act or an order of the Minister under paragraph (ii) of section 45 of this Act, the Commissioner, may at any time, whether or not he or such other person has ceased to be in control of the business of the bank, fix the remuneration and expenses to be paid by the bank to him and to any person employed or authorised by him under section 3 of this Act to assist him in the control of and the carrying on of the business of the bank, or to such other person, as the case may be.

Clause 49

Moratorium

(1)

The Commissioner may, with the approval of the Minister, if he considers it to be in the interests of the depositors of a bank make an order prohibiting such bank from carrying on banking business or from doing or performing any act or function connected with banking business or any aspect thereof as may be specified in such order.

(2)

The Commissioner may, with the approval of the Minister, if he considers it to be in the interests of the depositors of a bank, apply to the High Court for an order staying the commencement or continuance of any proceedings by or against the bank in regard to any business of the bank. Such order shall be valid for a period not exceeding six months.

(3)

So long as an order under subsection (1) of this section remains in force the licence granted to such bank under this Act shall be suspended.

Clause 50

Banks may with the approval of the Minister open numbered accounts

(1)

For the purposes of this Part, the expression “numbered accounts” means accounts opened with banks in Singapore that are identifiable only by a number or code word or by such other means as the Minister may determine.

(2)

No bank in Singapore shall open numbered accounts for its customers except with the prior approval in writing of the Minister who may attach such limitations, conditions, qualifications and exceptions thereto as he thinks fit.

(3)

Any bank which contravenes the provisions of subsection (2) of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding ten thousand dollars.

Clause 51

Types of numbered accounts

(1)

Numbered accounts facilities offered by banks to their customers may extend to current accounts, deposit accounts, securities deposit accounts and safes, but shall not extend to credit facilities.

(2)

The owners of the numbered accounts shall only be known to such senior officers of the bank as the bank may decide.

Clause 52

Secrecy of numbered accounts

(1)

The officials of any bank operating numbered accounts on behalf of its customers or any person who by reason of his capacity or office has by any means access to the records of the bank, registers, correspondence or any other material with regard to numbered accounts shall keep absolute secrecy thereof in the interests of the bank’s customers.

(2)

The officials of any bank and other persons mentioned in subsection (1) of this section shall not give, divulge or reveal any information whatsoever regarding the name or identity of the owner of a numbered account to any individual, corporation, bank, public administration, judicial or military authorities unless —

(a)

the owner of the numbered account or his personal representatives gives or give his or their permission so to do;

(b)

the owner is declared bankrupt;

(c)

a suit arises between the bank and the owner relating to a banking transaction; or

(d)

the owner is required so to do by order of a Judge of the High Court made for special cause for the purposes of any civil or criminal proceedings.

(3)

The Evidence (Bankers’ Books) Ordinance (Cap. 5) shall not apply to numbered accounts.

(4)

Any person who contravenes the provisions of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine of ten thousand dollars or to imprisonment for a term not exceeding three years or to both such fine and imprisonment.

Clause 53

Auditing

(1)

Notwithstanding the provisions of the Companies Act, 1967 (Act 42 of 1967), every bank shall appoint annually an auditor approved by the Commissioner.

(2)

The Commissioner may appoint an auditor —

(a)

if the bank fails to appoint an auditor; or

(b)

if he considers it desirable that another auditor should act with the auditor appointed under subsection (1) of this section,and may at any time, fix the remuneration to be paid by the bank to such auditor.

(3)

The duties of the auditor appointed under subsections (1) and (2) of this section shall be —

(a)

to carry out for the year, in respect of which he is appointed, an audit of the accounts of the bank;

(b)

to make a report in accordance with section 174 of the Companies Act, 1967 —

(i)

in case of a bank incorporated in Singapore — upon the annual balance-sheet and profit and loss account as is referred to in subsections (1) and (3) of section 21 of this Act; and

(ii)

in case of a bank incorporated outside Singapore — upon the annual balance-sheet and profit and loss account as is referred to in subsection (3) of section 21 of this Act.

(4)

The auditor’s report shall be attached to the balance-sheet and the profit and loss account and a copy thereof shall be sent to the Commissioner.

Clause 54

Clearing House and settlement of balances between banks

In order to facilitate the clearing of cheques and other credit instruments for banks carrying on business in Singapore, the Commissioner shall, in conjunction with banks operating in Singapore, by regulations, establish a Clearing House.

Clause 55

Declaration of holidays

(1)

The Minister may, at any time by notice in the Gazette, declare any day or days to be a bank holiday or holidays.

(2)

No bank shall do any business with the public on any day declared a bank holiday under the provisions of subsection (1) of this section.

(3)

A bank holiday declared under the provisions of subsection (1) of this section shall not necessarily be a public holiday and nothing in this section shall be deemed to affect the provisions of any written law which may from time to time be in force in Singapore relating to public holidays.

(4)

Any reference to a bank holiday in any written law which may from time to time be in force in Singapore shall include any day declared to be a bank holiday under the provisions of this section and any day which is a public holiday within the meaning of any written law which may be in force in Singapore relating to public holidays.

Clause 56

Priority of deposit liabilities

Where a bank becomes unable to meet its obligations or becomes insolvent or suspends payment, the assets of such bank in Singapore shall be available to meet all deposit liabilities of the bank in Singapore; and such deposit liabilities shall have priority over all other liabilities of the bank.

Clause 57

Execution of instruments under seal

Notwithstanding anything contained 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 prejudice to anything in such articles or regulations not inconsistent herewith, the seal of the bank shall 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, and the director and that other person as aforesaid shall sign every instrument to which the seal of the company is so affixed in their presence.

Clause 58

Disqualification of directors and employees of banks

Notwithstanding the provisions of any other written law, any person —

(a)

who is or becomes bankrupt, suspends payments or compounds with his creditors; or

(b)

who is or has been convicted in any country of an offence involving dishonesty or fraud and has not received a free pardon for the offence for which he was convicted; or

(c)

who has been a director of, or directly concerned in the management of, a bank licensed under this Act or which was licensed under the Banking Ordinance, 1958 (M. Ord. 62 of 1958), (repealed by this Act) which is being or has been wound up by a court or the licence of which has been revoked,shall not, without the consent in writing of the Commissioner, act or continue to act as the director, manager, secretary or other officer in any bank.

Clause 59

Offences by directors or managers

(1)

Any person being a director, managing director or manager of a bank who —

(a)

fails to take all reasonable steps to secure compliance by a bank with the provisions of this Act or any other written law applicable to banks in Singapore; or

(b)

fails to take all reasonable steps to secure the accuracy and correctness of any statement submitted under this Act or of any other written law applicable to banks in Singapore,shall be guilty of an offence under this Act and shall, in respect of each offence, be liable on conviction to imprisonment for a term not exceeding two years or to a fine not exceeding three thousand dollars or to both such imprisonment and fine.

(2)

In any proceedings against a person under subsection (1) of this section it shall be a defence to prove that he has reasonable grounds for believing that another person was charged with the duty of securing compliance with the requirements of those laws or with the duty of ensuring that those statements were accurate and that that person was competent and in a position to discharge that duty.

(3)

A person shall not be sentenced to imprisonment for any offence under subsection (1) of this section unless, in the opinion of the court, he committed the offence wilfully.

Clause 60

Offences by directors, employees and agents

Any director, manager, trustee, auditor, employee or agent of any bank who —

(a)

wilfully makes or causes to be made, a false entry in any book of record or in any report, slip, document or statement of the business, affairs, transactions, conditions, assets or accounts of such bank;

(b)

wilfully omits to make an entry in any book of record or in any report, slip, document or statement of the business, affairs, transactions, conditions, assets or accounts of such bank, or wilfully causes any such entry to be omitted; or

(c)

wilfully alters, abstracts, conceals or destroys an entry in any book of record or in any report, slip, document or statement of the business, affairs, transactions, conditions, assets or accounts of such bank, or wilfully causes any such entry to be altered, abstracted, concealed or destroyed,shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding ten thousand dollars or to imprisonment for a term not exceeding three years or to both such fine and imprisonment.

Clause 61

Indemnity

No liability shall be incurred by —

(a)

any public officer;

(b)

any person authorized or employed by the Commissioner under section 3 of this Act;

(c)

any person appointed under paragraph (b) of subsection (2) of section 44 of this Act to advise a bank in the proper conduct of its business;

(d)

any person who has assumed control of the business of a bank pursuant to a direction of the Commissioner under paragraph (c) of subsection (2) of section 44 of this Act or an order of the Minister under paragraph (ii) of section 45 of this Act; or

(e)

any person appointed under subsection (2) of section 40 of this Act,as a result of anything done by him bona fide in the exercise of any power, or the performance of any function or duty, conferred or imposed by or under this Act.

Clause 62

Power to compound

The Commissioner may, without instituting proceedings against any person for any offence under this Act, or any regulations made thereunder, which is punishable only by a fine or a default penalty, demand and receive the amount of such fine or default penalty or such reduced amount as he thinks fit from such person, whereupon —

(a)

if such person pays such amount to the Commissioner within fourteen days after the demand, no proceedings shall be taken against him in relation to the offence; or

(b)

if such person does not so pay the amount so demanded, the Commissioner may cause proceedings to be instituted in relation to the offence.

Clause 63

Publication of list of banks

The Commissioner shall cause to be published in the Gazette in the month of April in each year a list of all banks to which licences have been issued under this Act and if any licence is issued, revoked or surrendered during the interval between the publication of two such lists, notice thereof shall also be caused to be published in the Gazette.

Clause 64

General penalty

Any bank which contravenes or fails to comply with any provisions of this Act for which no penalty is expressly provided shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding fifty thousand dollars.

Clause 65

Offences triable in District Court

Notwithstanding the provisions of any other written law, offences under this Act may be tried in the District Court which shall have the power to impose the maximum penalty prescribed for any offence under this Act.

Clause 66

Consent of Attorney-General

No prosecution in respect of any offence under this Act shall be instituted except with the consent of the Attorney-General.

Clause 67

Recovery of fees, expenses, etc

There shall be recoverable as a civil debt due to the Government from the bank concerned —

(a)

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

(b)

any remuneration and expenses payable by the bank to any person appointed under paragraph (b) of subsection (2) of section 44 of this Act; and

(c)

any remuneration and expenses payable by the bank to the Commissioner or to any person employed or authorised by the Commissioner under section 3 of this Act to assist him in the control of and the carrying on of the business of the bank or to any other person who has assumed control of the business of the bank pursuant to a direction of the Commissioner under paragraph (c) of subsection (2) of section 44 of this Act or an order of the Minister under paragraph (ii) of section 45 of this Act or to any person appointed under subsection (2) of section 40 of this Act.

Clause 68

Operation of Act not to affect the Companies Act, 1967

Nothing in this Act shall affect the operation of the Companies Act, 1967, and any bank that is liable to be incorporated under that Act shall continue to be so liable as if this Act had not been passed but in case of conflict between that Act and this Act the provisions of this Act shall prevail unless otherwise provided in this Act (Act 42 of 1967).

Clause 69

Exemption

This Act shall not apply to the Post Office Savings Bank established under the Post Office Savings Bank Ordinance (Cap. 106) or to any co-operative society registered under the Co-operative Societies Ordinance (Cap. 175) or to any business of pawnbroking carried on by a person licensed under the Pawnbrokers Ordinance (Cap. 195) or to finance companies licensed under the Finance Companies Act, 1967 (Act 43 of 1967).

Clause 70

Regulations

The Commissioner may, with the approval of the Minister, make such regulations from time to time as he may deem necessary for carrying into effect the provisions of this Act.

Clause 71

Repeal

(1)

The Banking Ordinance, 1958 (M. Ord. 62 of 1958), of Malaysia and the Banking (Amendment and Extension) Act, 1965 (M. Act 17 of 1965), of Malaysia shall cease to apply to Singapore and such cesser shall be deemed to be a repeal for the purposes of the Interpretation Act, 1965 (Act 10 of 1965).

(2)

All regulations, instructions, orders and decisions made under or in accordance with the Banking Ordinance, 1958, as amended and extended by the Banking (Amendment and Extension) Act, 1965, shall remain valid and binding and shall be deemed to have been made under the provisions of this Act until they are amended or repealed.

Schedule 1

the Banking Act, 1970. (Act ............ of 1970)

FIRST SCHEDULEthe Banking Act, 1970. (Act ............ of 1970)(Section 22 (2) (a)).Monthly Statement of Assets and Liabilities of..........................................................in respect of its business in Singapore as at the close of business on....................................<caption>A — LIABILITIES</caption> S$1. Paid up Capital ..............................

2. Reserves ..............................

3. Balance of Profit and Loss Account ..............................

4. Deposits of customers other than banks:

(a)

Demand Deposits .............................. (b) Fixed Deposits .............................. (c) Savings Deposits .............................. (d) Other Deposits ..............................

5. Balances held for banks:

(a)

In Singapore .............................. (b) Outside Singapore:

(i)

Head Office and Branches (Malaysia— $ ).............................. (ii) Other Banks (Malaysia— $ ).............................. ..............................

6. Amounts borrowed from banks:

(a)

In Singapore .............................. (b) Outside Singapore:

(i)

Head Office and Branches (Malaysia— $ ).............................. (ii) Other Banks (Malaysia— $ ).............................. ..............................

7. Amounts borrowed from other creditors:

(a)

In Singapore .............................. (b) Outside Singapore ..............................

8. Bills payable:

(a)

In Singapore .............................. (b) Outside Singapore (Malaysia— $ ) ..............................

9. Singapore inter-branch balances ..............................

10. All other Liabilities:

(a)

provision for taxation .............................. (b) provision for bad and doubtful debts .............................. (c) interest payable .............................. (d) other liabilities in Singapore .............................. (e) other liabilities outside Singapore (Malaysia— $ ) ..............................TOTAL LIABILITIES Acceptances on account of customers .............................. Guarantees on account of customers .............................. Endorsements and other obligations on account of customers .............................. Forward exchange transactions .............................. Total Amounts of debits to customers’ accounts during month: (a) cheques received from local clearing .............................. (b) all other debits to customers’ accounts .............................. Total ........................................................................................................... Manager.Date: ..................................................... ........................................................................................................... Accountant.<caption>B — ASSETS</caption> S$ 11. (a) Singapore notes and coin .............................. (b) Board of Commissioners of Currency (Malaya and British Borneo) notes and coin ..............................12. (a) Malaysian notes and coin .............................. (b) Brunei notes and coin .............................. (c) Other foreign notes and coin ..............................

13. Balance with Accountant-General, Singapore(a) Minimum cash balance .............................. (b) Excess balance ..............................

14. Money at Call:

(a)

in Singapore .............................. (b) elsewhere (Malaysia— $ ) (UK—$ ) ..............................

15. Balances with banks:

(a)

in Singapore .............................. (b) outside Singapore:

(i)

Head Office and branches (Malaysia— $ ).............................. (ii) Other banks (Malaysia— $ ).............................. ..............................

16. Treasury Bills of:

(a)

the Government of Singapore .............................. (b) Other Governments (Malaysia— $ ) (UK—$ ) ..............................

17. Other public securities of:

(a)

the Government of Singapore .............................. (b) other public authorities of Singapore .............................. (c) other Governments (Malaysia— $ ) (UK—$ ) ..............................

18. Other securities: (excluding Equity Investment)(a) in Singapore .............................. (b) outside Singapore (Malaysia— $ ) ..............................

19. Equity Investment(a) in Singapore .............................. (b) outside Singapore (Malaysia— $ ) ..............................

20. Cheques purchased payable in Singapore drawn on other banks ..............................

21. Bills discounted or purchased:(of which eligible as liquid assets $ ) ..............................

22. Bills receivable:(of which eligible as liquid assets $ ) ..............................

23. Loans and advances to banks:

(a)

in Singapore .............................. ..............................(b) outside Singapore:

(i)

Head Office and branches (Malaysia— $ ).............................. (ii) Other banks (Malaysia— $ ) ..............................

24. Loans and advances to customers other than banks:

(a)

Overdrafts .............................. (b) Loans ..............................

25. Fixed Assets (Malaysia— $ ) (outside Singapore— $ )(a) Bank premises (land and buildings) .............................. (b) Other immovable properties .............................. (c) Other fixed assets (furniture, fixtures and fittings, etc.) ..............................

26. Singapore inter-branch balances ..............................

27. All other assets:

(a)

Gold .............................. (b) Other assets in Singapore .............................. (c) Other assets outside Singapore (Malaysia— $ ) ..............................TOTAL ASSETS Appendix AINTER-BANK INDEBTEDNESS IN SINGAPORES$Name of BankBalances held for banks in Singapore [item 5(a)] $Amounts borrowed from banks in Singapore [item 6(a)] $Balances with banks in Singapore [item 15(a)] $Loans and advances to banks in Singapore [item 23(a)] $Algemene Bank Nederland N.V.Asia Commercial Banking Corpn. Ltd.Ban Hin Lee Bank Berhad.Bangkok Bank Ltd.Bank Negara Indonesia 1946Bank of America N.T. and S.A.The Bank of Canton, Ltd.Bank of ChinaThe Bank of East Asia, Ltd.Bank of IndiaBank of Singapore, Ltd.The Bank of Tokyo, Ltd.Banque de L’IndochineThe Chartered BankThe Chase Manhattan Bank N.A.Chung Khiaw Bank, Ltd.The Development Bank of Singapore, Ltd.The Eastern Bank, Ltd.Far Eastern Bank Ltd.First National City BankFour Seas Communications Bank, Ltd.The Hongkong and Shanghai Banking Corpn.Indian BankIndian Overseas BankThe Industrial and Commercial Bank Ltd.Kwangtung Provincial BankKwong Lee Bank, BerhadLee Wah Bank, Ltd.Malayan Banking Berhad.Mercantile Bank Ltd.The Mitsui Bank, Ltd.Overseas-Chinese Banking Corpn. Ltd.Overseas Union Bank, Ltd.United Commercial BankUnited Malayan Banking Corpn. Berhad.United Overseas Bank Ltd. Total Appendix BINTER-BANK INDEBTEDNESS OUTSIDE SINGAPORES$—Balances held for banks outside Singapore [item 5(b)] $Amounts borrowed from banks outside Singapore [item 6(b)] $Balances with banks outside Singapore [item 15(b)] $Loans and advances to banks outside Singapore [item 23(b)] $Sterling Area Countries:AustraliaBruneiCeylonHong KongIndiaMalaysiaUnited KingdomRest of Sterling Area Sub-Total Other Countries:Canada FranceIndonesiaJapanSwitzerland TaiwanThe NetherlandsUnited States of AmericaWestern GermanyAll other countries Sub-Total Total Appendix CBREAKDOWN OF DEPOSITS AND ADVANCESDeposits (item 4)S$—Singapore Government $Other Public Authorities $Other CustomersTotal $Resident $Non-Resident $Demand Deposits Fixed Deposits Savings Deposits Other Deposits Total Bills Discounted and Bills Receivable (items 21 and 22)S$—Bills Discounted or Purchased (item 21) $Bills Receivable (item 22) $(a) payable in Singapore(b) payable outside Singapore:

(i)

Malaysia(ii) United Kingdom(iii) other countries Total Loans and Advances to customers other than banks (item 24)S$—Resident $Non-Resident $Total $Of whichSecured $Unsecured $(a) Overdrafts(b) Loans:

(i)

up to 1 year(ii) over 1 year to 3 years(iii) over 3 years Total

Schedule 2

the Banking Act, 1970. (Act ........ of 1970)

SECOND SCHEDULEthe Banking Act, 1970. (Act ........ of 1970)(Section 22 (2) (b)).CLASSIFICATION OF LOANS AND ADVANCES AND INTEREST RATES IN SINGAPOREOF.....................................................................................................AS AT CLOSE OF BUSINESS ON.......................Part I Loans and Advances Rate of Interest % p.a. Minimum Maximum Average 1. Singapore Government ................................... ............................. ............................. .............................

2. Other Singapore Public Authorities and Utilities ................................... ............................. ............................. .............................Sub-Total AGRICULTURE —3. Rubber ................................... ............................. ............................. .............................

4. Other agriculture ................................... ............................. ............................. .............................

5. Fisheries ................................... ............................. ............................. .............................

6. Forestry ................................... ............................. ............................. .............................Sub-Total MINING AND QUARRYING —7. Stone quarrying ................................... ............................. ............................. .............................

8. Other mining and quarrying ................................... ............................. ............................. .............................Sub-Total MANUFACTURING —9. Rubber processing, grading and packing ................................... ............................. ............................. .............................

10. Rubber products (including rubber footwear) ................................... ............................. ............................. .............................

11. Food, beverages and tobacco ................................... ............................. ............................. .............................

12. Textiles and clothing ................................... ............................. ............................. .............................

13. Footwear (not elsewhere specified) ................................... ............................. ............................. .............................

14. Manufacture of furniture and fixtures ................................... ............................. ............................. .............................

15. Other manufacture of wood and cork (including sawmilling) ................................... ............................. ............................. .............................

16. Printing, publishing, etc. ................................... ............................. ............................. .............................

17. Soaps, vegetables and animal oils and fats ................................... ............................. ............................. .............................

18. Chemicals, chemical products (including petroleum products and coal) ................................... ............................. ............................. .............................

19. Basic metals, metal products and machinery (including repairs) ................................... ............................. ............................. .............................

20. Non-metallic mineral products, including building materials (e.g. clay, cement asbestos, plaster, etc.) ................................... ............................. ............................. .............................

21. Transport equipment (including repairs) ................................... ............................. ............................. .............................

22. Other manufacturing ................................... ............................. ............................. .............................Sub-Total CONSTRUCTION —123. Building and construction1 Refers to contractors, building and engineering firms. ................................... ............................. ............................. .............................Sub-Total GENERAL COMMERCE —24. Import, export and wholesale trade ................................... ............................. ............................. .............................

25. Retail trade ................................... ............................. ............................. .............................Sub-Total PROFESSIONAL AND PRIVATE INDIVIDUAL —26. (a) for business purposes ................................... ............................. ............................. .............................(b) for private purposes ................................... ............................. ............................. .............................Sub-Total MISCELLANEOUS —27. Transport, storage and communication ................................... ............................. ............................. .............................

28. Hotels, restaurants and boarding houses ................................... ............................. ............................. .............................(a) Hotel construction ................................... ............................. ............................. .............................(b) Others ................................... ............................. ............................. .............................

29. Building and co-operative societies ................................... ............................. ............................. .............................

30. Building developers and real estate agents ................................... ............................. ............................. .............................

31. Financial institutions (excluding banks) ................................... ............................. ............................. .............................(a) Finance companies ................................... ............................. ............................. .............................(b) Insurance companies ................................... ............................. ............................. .............................(c) Others ................................... ............................. ............................. .............................

32. Religious and charitable institutions ................................... ............................. ............................. .............................

33. Entertainment and recreation ................................... ............................. ............................. .............................

34. All others ................................... ............................. ............................. .............................Sub-Total Total .......................................................................................................... Manager.Date:............................................................................. ........................................................................................................... Accountant.Name of Bank............................................................................................................................. As at...........................................................Part II Amounts of Loans and Advances $ No. of CustomersUp to but not exceeding $5,000 ............................. .............................Exceeding $5,000 but not exceeding $10,000 ............................. .............................Exceeding $10,000 but not exceeding $50,000 ............................. .............................Exceeding $50,000 but not exceeding $100,000 ............................. .............................Exceeding $100,000 but not exceeding $500,000 ............................. .............................Exceeding $500,000 but not exceeding $1,000,000 ............................. .............................Exceeding $1,000,000 but not exceeding $5,000,000 ............................. .............................Exceeding $5,000,000 ............................. .............................Total Part IIITotal Loans and Advances (a) Granted $ (b) Utilised $ (b)/(a)%(i) Singapore Government and other Singapore Public authorities and utilities ................................... ................................... ...................................(ii) Agriculture ................................... ................................... ...................................(iii) Mining and Quarrying ................................... ................................... ...................................(iv) Manufacturing ................................... ................................... ...................................(v) Construction ................................... ................................... ...................................(vi) General Commerce ................................... ................................... ...................................(vii) Professional and Private Individuals ................................... ................................... ...................................(viii) Miscellaneous ................................... ................................... ...................................Total

Schedule 3

the Banking Act, 1970. (Act ........ of 1970)

THIRD SCHEDULEthe Banking Act, 1970. (Act ........ of 1970)(Section 22 (2) (c)).STATEMENT OF INCOME AND EXPENDITURE IN RESPECT OF SINGAPORE BUSINESSOF..............................................FOR THE YEAR ENDED...................................... (Including Data for National Income and Balance of Payments Statistics) (To nearest $)A. — INCOMEEarned IncomeSingapore $Malaysia $United Kingdom $Other Sterling Area $North America $Rest of the World $Total $1. Discount and Interest: —

(a)

On loans and advances:

(i)

Inter-bank (ii) Other (b) On trade bills (c) On Govt. securities (d) On other Public Authorities securities (e) On other securities (f) Other Sub-Total 2. Commission, Inland Exchange and Other Bank Charges 3. Profit on Foreign Exchange Transactions 4. Dividends 5. Rents 6. Bad Debt Recoveries 7. Profit on Realisation or Redemption of Investments and Other Assets 8. All Other Income Total Income B. — EXPENDITURE Singapore $Malaysia $United Kingdom $Other Sterling Area $North America $Rest of the World $Total $1. Interest Paid and Payable on: —

(a)

Current accounts (b) Savings accounts (c) Fixed deposits (d) Inter-bank borrowings (e) Other borrowings Sub-Total 2. Salaries, Wages, Allowances and Bonuses (including Directors’ fees) 3. Contributions to Central Provident Fund, Superannuation Funds and Pensions paid by the bank 4. Stationery and Office Materials 5. Rents 6. Taxes on: —

(a)

Income (b) Land and others Sub-Total 7. Bad Debts written off and Provision for Bad Debts and similar Contingencies 8. Depreciation 9. Losses on Realisation or Redemption of Investments and other Assets 10. All Other Expenditure (excluding Capital Expenditure shown below) Total Expenditure C. — BALANCE OF INCOME OVER EXPENDITURE/EXPENDITURE OVER INCOME FOR THE YEAR $D. — CAPITAL EXPENDITURE—New $Used $Total $1. Cost of Buildings 2. Cost of Renovation of Old Buildings 3. Cost of Machinery and Equipment 4. Cost of Motor Vehicles 5. Cost of Fixtures and Fittings 6. Cost of Land 7. Other Capital Expenditure Total Capital Expenditure E. — CAPITAL ASSETS SOLD $............................................................F. — AMOUNT OF STAMP DUTY ON CHEQUES $........................................................................................................................................................................ ManagerDate:............................................................................. ........................................................................................................... Accountant

Schedule 4

the Banking Act, 1970. (Act ....... of 1970)

FOURTH SCHEDULEthe Banking Act, 1970. (Act ....... of 1970)(Section 72 (1)).Algemene Bank Nederland N. V.Asia Commercial Banking Corporation LimitedBan Hin Lee Bank BerhadBangkok Bank LimitedBank Negara Indonesia 1946Bank of America National Trust and Savings AssociationThe Bank of Canton, LimitedBank of ChinaThe Bank of East Asia, LimitedBank of IndiaBank of Singapore LimitedThe Bank of Tokyo, LimitedBanque de L’IndochineThe Chartered BankThe Chase Manhattan Bank National AssociationChung Khiaw Bank, LimitedThe Development Bank of Singapore, LimitedThe Eastern Bank, LimitedFar Eastern Bank LimitedFirst National City BankFour Seas Communications Bank LimitedThe Hongkong and Shanghai Banking CorporationIndian BankIndian Overseas BankThe Industrial and Commercial Bank LimitedKwangtung Provincial BankKwong Lee Bank, BerhadLee Wah Bank LimitedMalayan Banking BerhadMercantile Bank LimitedThe Mitsui Bank, LimitedOversea-Chinese Banking Corporation LimitedOverseas Union Bank, LimitedUnited Commercial BankUnited Malayan Banking Corporation BerhadUnited Overseas Bank Limited

Banking Bill

About this bill

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