Singapore legislation
Clause 49
of Banking Bill
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.