Singapore legislation
Clause 21
of Banking Bill
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 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;
the full and correct names of all persons who are directors for the time being of the bank; and
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.