Singapore legislation
Clause 15
of Banking Bill
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.