Regulation 1
Citation and commencement
This Order may be cited as the Banking (Exemption from Sections 15A and 15B) Order 2010 and shall come into operation on 29th January 2010.
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Banking (Exemption from Sections 15A and 15B) Order 2010 is Singapore Subsidiary Legislation, cited as Subsidiary Legislation BA-S47-2010 1970, currently marked in force and first recorded in 1970.
Citation and commencement
This Order may be cited as the Banking (Exemption from Sections 15A and 15B) Order 2010 and shall come into operation on 29th January 2010.
Exemption
The Minister hereby exempts any shareholder of Oversea-Chinese Banking Corporation Limited —
from section 15A(1) of the Act, where that shareholder, by virtue of its shareholdings in Oversea-Chinese Banking Corporation Limited, is or becomes a substantial shareholder of ING Asia Private Bank Limited; and
from section 15B(1) of the Act, where that shareholder, by virtue of its shareholdings in Oversea-Chinese Banking Corporation Limited, is or becomes a 12% controller, a 20% controller or an indirect controller, as the case may be, of ING Asia Private Bank Limited.
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