What is Banking Ordinance?

Banking Ordinance is Singapore Bill, cited as Bill 148 1961, currently marked in force and first recorded in 1961.

Is Banking Ordinance still in force?

Yes — Banking Ordinance is currently in force.

When did Banking Ordinance take effect?

Banking Ordinance was first recorded in 1961.

How many clauses does Banking Ordinance have?

Banking Ordinance contains 34 clauses.

Where can I read the official version of Banking Ordinance?

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

Banking Ordinance (1961, No. 148)

Clause 1

Short title and commencement

This Ordinance may be cited as the Banking Ordinance, 1961, and shall come into operation on such date as the Minister may by notification in the Gazette, appoint.

Clause 2

Interpretation

In this Ordinance, unless the context otherwise requires —“bank” means any company which carries on banking business;“banking business” means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, and making advances to customers;“company” means any company incorporated formed and registered under the Companies Ordinance (Cap. 174) and any company formed in pursuance of any other written law in Singapore or by Royal Charter or Letters Patent of the United Kingdom; and includes any company incorporated outside Singapore which has complied with the provisions of Part X of the Companies Ordinance;“Inspector” means the Inspector of Banks appointed under section 17 of this Ordinance;“licence” means a licence granted under section 3 or section 34 of this Ordinance;“licensed bank” means a bank holding a valid licence and all the offices and branches in Singapore of such a bank shall be deemed to be one bank.

Definition

“bank” means any company which carries on banking business;

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, and making advances to customers;

Definition

“company” means any company incorporated formed and registered under the Companies Ordinance (Cap. 174) and any company formed in pursuance of any other written law in Singapore or by Royal Charter or Letters Patent of the United Kingdom; and includes any company incorporated outside Singapore which has complied with the provisions of Part X of the Companies Ordinance;

Definition

“Inspector” means the Inspector of Banks appointed under section 17 of this Ordinance;

Definition

“licence” means a licence granted under section 3 or section 34 of this Ordinance;

Definition

“licensed bank” means a bank holding a valid licence and all the offices and branches in Singapore of such a bank shall be deemed to be one bank.

Clause 25

Indemnity

(1)

Neither the Government nor the Inspector nor any other officer of the Government shall be subject to any action, claim or demand by or liability to any person in respect of anything done or omitted to be done in good faith in pursuance or in execution or intended execution or in connection with the execution or intended execution of any power conferred upon the Government, the Inspector or such officer by this Ordinance.

(2)

For the purposes of this section the Minister and any public officer shall be deemed to be an officer of the Government.

Clause 26

Individuals not eligible to take part in management of a licensed bank

(1)

Without prejudice to anything contained in any written law relating to companies, any person who is a director, manager, secretary or other officer concerned in the management of a licensed bank shall cease to hold office —

(a)

if he becomes bankrupt, suspends payment or compounds with his creditors; or

(b)

if he is convicted of an offence involving dishonesty or fraud.

(2)

No person who has been a director of, or directly concerned in the management of, a licensed bank which has been wound up by a court shall, without the express authority of the Minister, act or continue to act as a director of, or be directly concerned in, the management of any bank.

(3)

Any person acting in contravention of subsection (1) or subsection (2) of this section shall be guilty of an offence against this Ordinance and shall, on conviction, be liable 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 27

Penalty for offences not otherwise provided for

Any licensed bank which is guilty of an offence against this Ordinance for which no penalty is expressly provided shall, on conviction, be liable to a fine not exceeding five thousand dollars.

Clause 28

Offences by companies, etc. and by servants and agents

(1)

Where any offence against any provision of this Ordinance has been committed by a company, firm, society or other body of persons, any person who at the time of the commission of the offence was a director, manager, secretary or other similar officer thereof or was purporting to act in such capacity shall be deemed to be guilty of that offence unless he proves that the offence was committed without his consent or connivance and that he exercised all such diligence to prevent the commission of the offence as he ought to have exercised, having regard to the nature of his functions in that capacity and to all the circumstances.

(2)

Where any person would be liable under this Ordinance to any punishment or penalty for any act, omission, neglect or default he shall be liable to the same punishment or penalty for every such act, omission, neglect or default of any clerk, servant or agent, or of the clerk or servant of such agent provided that such act, omission, neglect or default was committed by such clerk or servant in the course of his employment, or by such agent when acting on behalf of such person, or by the clerk or servant of such agent when acting in the course of his employment in such circumstances that had such act, omission, neglect or default been committed by the agent his principal would have been liable under this section.

Clause 29

Fiat of State Advocate-General

No prosecution in respect of any offence under this Ordinance shall be instituted save by or under the direction of the State Advocate-General.

Clause 30

Jurisdiction

Notwithstanding the provisions of any other written law a District Court shall have jurisdiction to try any offence against this Ordinance and to impose the full penalty prescribed therefor.

Clause 31

Regulations

The Minister may make such regulations as may be required from time to time for carrying into effect the provisions of this Ordinance.

Clause 32

Amendment and special provision relating to the Companies Ordinance

(1)

The Companies Ordinance (Cap. 174) is hereby amended —

(a)

by substituting a semi-colon for the full-stop appearing at the end of section 166 thereof and inserting immediately thereafter the following new paragraph: —“(7) in the case of a company being a licensed bank under the Banking Ordinance, 1961 (Ord. of 1961), the licence of the company thereunder has expired or been revoked.”; and

(b)

by deleting section 309 thereof and substituting therefor the following new Part and section: —“PART XABANKING COMPANIESWinding up of banking companies

309. Any company which carries on banking business in Singapore in contravention of the provisions of section 3, 4 or 34 of the Banking Ordinance, 1961, may, on petition by the Official Receiver, be wound up by the court under the provisions of Part IX of this Ordinance.”.

(2)

The provisions of this Ordinance shall be without prejudice to the provisions of sections 136, 137, 138, 139, 331, 332 and 333 of the Companies Ordinance in so far as they relate to banks and of sections 166 and 168 of the Companies Ordinance in so far as they relate to winding up by the court:Provided that if any such provision is inconsistent with any provision of this Ordinance the provision of this Ordinance shall prevail.

Clause 33

Exemption

The provisions of this Ordinance shall not apply to —

(a)

the Post Office Savings Bank established under the provisions of the Post Office Savings Bank Ordinance (Cap. 106);

(b)

any co-operative society registered under the Co-operative Societies Ordinance (Cap. 175); or

(c)

any business of pawnbroking carried on by a person licensed under the Pawnbrokers Ordinance (Cap. 195).

Clause 3

Banking business to be transacted only by a licensed bank

(1)

Banking business shall not be transacted in Singapore except by a company which is in possession of a licence in writing from the Minister authorising it to do so.

(2)

A company which desires to carry on banking business in Singapore shall apply in writing through the Inspector to the Minister 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 Minister.

(3)

Upon receiving an application under subsection (2) of this section the Inspector shall consider the application and make a recommendation to the Minister stating whether a licence should be granted or not and the conditions (if any) to be attached to the licence.

(4)

Upon receiving an application under subsection (2) of this section and the recommendation of the Inspector under subsection (3) of this section the Minister may subject to the provisions of section 4 of this Ordinance, grant a licence, with or without conditions, or refuse a licence.

(5)

The Minister may at any time, on the recommendation of the Inspector, vary or revoke any existing conditions of a licence or impose conditions or additional conditions:Provided that the Minister shall, prior to any such action, notify his intention to take such action to the licensed bank concerned and shall give the bank an opportunity to submit reasons why its licence should not be so amended.

(6)

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

(7)

Any person who contravenes the provisions of subsection (1) of this section shall be guilty of an offence against this Ordinance and shall, on conviction be liable 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.

(8)

Any licensed bank which fails to comply with any conditions of its licence shall be guilty of an offence against this Ordinance and shall, on conviction, be liable to a fine not exceeding five thousand dollars.

Clause 4

Licences not to be granted or valid in certain cases

No bank shall be granted a licence under subsection (4) of section 3 of this Ordinance, nor shall any bank licensed thereunder carry on business in Singapore without the written consent of the Minister if —

(a)

in the case of a bank whose head office is situated in Singapore, its capital issued and paid up in cash is less than two million Malayan dollars;

(b)

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

(i)

its capital issued and paid up is equivalent to less than five million Malayan dollars; or

(ii)

it holds less than two million Malayan dollars in Singapore in respect of its business in Singapore, in the form of immovable property, or such other kinds of assets as the Minister may approve, or both.

Clause 5

Restriction on use of title “bank” and on use of certain words in a bank’s name

(1)

Except with the consent in writing of the Minister, a person or body of persons not being a licensed bank shall not assume or use in relation to the business or any part of the business carried on by that person or body of persons the word “bank” or any of its derivatives or any word indicating the carrying on of banking business.

(2)

Any person who contravenes the provisions of subsection (1) of this section shall be guilty of an offence against this Ordinance and shall, on conviction, be liable 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.

(3)

Nothing in this section shall apply to any association of banks or of employees of banks formed for the promotion of their mutual interests.

Clause 6

Revocation of licence

(1)

If any licensed bank —

(a)

is carrying on its business in a manner detrimental to the interests of its depositors and other creditors; or

(b)

has insufficient assets to cover its liabilities to the public, or

(c)

is contravening any provision of this Ordinance; or

(d)

has ceased to carry on banking business in Singapore,the Minister may, on the recommendation of the Inspector, revoke any licence issued to such bank:Provided that the Minister shall, prior to any such revocation, notify his intention to take such action to the bank concerned and shall give the bank an opportunity to submit reasons why its licence should not be revoked.

(2)

Where the licence of a bank has been revoked under subsection (1) of this section the bank may, within thirty days of such revocation, appeal against such revocation to the High Court, which may make such order thereon as it thinks proper, including any directions as to the costs of the appeal.

Clause 7

Minister to be advised of alteration in a bank’s constitution

(1)

A licensed bank 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 Minister particulars in writing (verified by a statutory declaration made by a senior officer of the bank) of such alteration.

(2)

Any licensed bank which fails to comply with the requirements of subsection (1) of this section shall be guilty of an offence against this Ordinance and shall, on conviction, be liable to a fine not exceeding five hundred dollars for every day the default continues.

Clause 8

Maintenance of reserve fund

(1)

Every licensed bank shall —

(a)

maintain a reserve fund; and

(b)

before any dividend is declared shall transfer to such 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 equal to 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 equal to twenty-five per centum of such net profits.

(2)

If the Minister 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 licensed bank which fails to comply with the provisions of subsection (1) of this section shall be guilty of an offence against this Ordinance.

Clause 9

Exhibition of audited balance-sheet

(1)

Every licensed bank shall —

(a)

exhibit throughout the year in a conspicuous position in every office and branch of that bank in Singapore a copy of its last audited balance-sheet, together with the full and correct names of all persons who are directors of that bank, as soon as such balance-sheet is available;

(b)

publish a copy of its last audited balance-sheet in local daily English, Chinese and Malay newspapers;

(c)

within six months after the close of its financial year forward to the Minister a copy of its last audited balance-sheet and profit and loss account.

(2)

Any licensed bank which fails to comply with any of the provisions of subsection (1) of this section shall be guilty of an offence against this Ordinance and shall, on conviction, be liable to a fine not exceeding five thousand dollars.

Clause 10

Restrictions on payment of dividends, advances, and loans to the staff

(1)

No licensed bank shall —

(a)

pay any dividend on its shares until all its capitalised expenditure (including preliminary expenses, organisation expenses, share selling commission, brokerage, amounts of losses incurred and any other item of expenditure not represented by tangible assets) has been completely written off;

(b)

grant an advance, loan or credit facility against the security of its own shares or grant unsecured advances, unsecured loans or unsecured credit facilities in excess of, in the aggregate and outstanding at any one time, five thousand dollars, to any of its directors, or to a firm in which it or any of its directors, is interested as partner, manager or agent, or to any individual or firm of whom or of which any of its directors is a guarantor;

(c)

grant to its officers or employees unsecured advances, unsecured loans or unsecured credit facilities which constitute a financial liability on that bank outstanding at any one time of more than six months’ salary for any one officer or employee.

(2)

Any licensed bank which contravenes the provisions of this section shall be guilty of an offence against this Ordinance.

Clause 11

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

(1)

Every licensed bank shall when furnishing the returns required by section 12 of this Ordinance give particulars of all unsecured advances, unsecured loans or unsecured credit facilities granted by it to private or public companies in which it or any of its directors, officers or employees is interested as director, manager, agent or guarantor.

(2)

If on examination of the particulars supplied by a licensed bank under subsection (1) of this section it appears to the Inspector that any such unsecured advances, unsecured loans or unsecured credit facilities are being granted to the detriment of the interests of the depositors of that bank, the Inspector shall so advise the Minister who may, by order in writing, prohibit that bank from granting any further such advances, loans or credit facilities or impose such restrictions on the grant thereof as he thinks fit, and may by like order direct that bank to secure repayment of any such advance, loan or credit facility within such time and to such extent as may be specified in the order.

Clause 12

Statistics to be furnished

(1)

Every licensed bank shall send to the Chief Statistician, Singapore, the Inspector and the Minister —

(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 Ordinance 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 twenty-one days after the last day of each half year ending on the 30th day of June, and the 31st day of December, a statement in the form set out in the Second Schedule to this Ordinance giving an analysis of loans and advances of its banking offices and branches in Singapore as at the 30th day of June and the 31st day of December respectively.

(2)

The Minister may on the recommendation of the Inspector by regulation vary or amend the forms set out in the First and Second Schedules to this Ordinance.

(3)

Any licensed bank which fails to comply with any requirement set out in subsection (1) of this section shall be guilty of an offence against this Ordinance and shall, on conviction, be liable to a fine not exceeding one thousand dollars for every day the default continues.

(4)

It shall be the responsibility of the Chief Statistician, Singapore, to prepare and to publish consolidated statements aggregating the figures in the returns furnished under subsection (1) of this section.

Clause 13

Bank unable to meet obligations to inform the Minister

A licensed bank which considers that it is likely to become unable to meet its obligations or is about to suspend payment shall forthwith inform the Minister through the Inspector of such fact and if it fails to do so shall be guilty of an offence against this Ordinance.

Clause 14

Amalgamation, etc. requires consent of the Minister

(1)

Every licensed bank shall inform the Minister through the Inspector of any proposed arrangement or agreement for any sale or disposal of its business by amalgamation or otherwise or of any proposal for reconstruction, and the Minister on the recomendation of the Inspector may approve or withhold approval of such arrangement or agreement or reconstruction:Provided that the approval of the Minister shall not be unreasonably withheld.

(2)

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

Clause 15

Appointment of Auditors

(1)

Every licensed bank shall appoint annually an auditor, being a person approved by the Minister whose duties shall be to make a report to the shareholders of such bank upon the annual balance-sheet and accounts; and in every such report the auditor shall state whether in his opinion the balance-sheet is full and fair and properly drawn up, whether it exhibits a true and correct statement of the bank’s affairs, and, if the auditor has called for explanation or information from the officers or agents of the bank, whether it has been satisfactory.

(2)

The report of the auditor shall be read together with the report of the board of management of the licensed bank at the annual meeting of shareholders and a copy of it shall be sent to the Inspector for transmission to the Minister.

(3)

Any licensed bank which fails to comply with the requirements of subsection (2) of this section shall be guilty of an offence against this Ordinance and shall, on conviction, be liable to a fine not exceeding five thousand dollars.

(4)

If a licensed bank fails to appoint an auditor under subsection (1) of this section or at any time fails to fill a vacancy for an auditor the Minister shall have power to appoint an auditor and shall fix the remuneration to be paid by that bank to such auditor.

(5)

No person having an interest in a licensed bank otherwise than as a shareholder, and no director, officer or employee or agent of that bank, shall be eligible for appointment as an auditor for such bank, and any person appointed as auditor to a licensed bank who shall after such appointment acquire such interest or become a director or an officer or employee or agent of such bank shall forthwith cease to be such auditor.

(6)

The duties, powers and liabilities imposed and conferred by section 20 of this Ordinance in relation to an investigation by the Inspector of the affairs of a licensed bank under section 17 or 18 of this Ordinance are hereby imposed and conferred in relation to auditors appointed under this section.

(7)

Where in the case of a licensed bank whose head office is situated outside Singapore the Minister is satisfied that a report has been duly made by an auditor in accordance with the law of the country in which such head office is situated upon the annual balance-sheet and accounts of such bank, and a copy of such report together with the report of the board of management of such bank is sent to the Inspector for transmission to the Minister, he may by notice in writing exempt any such bank from the provisions of this section.

Clause 16

Clearing Houses and settlement of balances between banks

(1)

In order to facilitate the clearing of cheques and other credit instruments for banks carrying on business in Singapore the Minister shall, at an appropriate time and in conjunction with banks operating in Singapore, establish a Clearing House.

(2)

The Minister may by order require each bank to open either immediately or over a specified period of time a clearing account with the Clearing House of an amount which the Minister may from time to time determine.

(3)

A bank shall settle, by means of cheques drawn on and paid into its account with the Clearing House, all the balances between itself and any other bank arising out of the general clearances effected in Singapore and such other places as the Minister specifies.

Clause 17

Inspector of Banks

The Minister shall appoint an Inspector of Banks who shall from time to time investigate, under conditions of secrecy, the books, accounts and transactions of each licensed bank.

Clause 18

Special investigation of banks

The Minister may at any time direct the Inspector to make an investigation, under conditions of secrecy, of the books, accounts and transactions of a licensed bank, if he has reason to believe a licensed bank is carrying on its business in a manner 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 Ordinance.

Clause 19

Examination of affairs of bank on application by shareholders or depositors

(1)

The Minister may cause an investigation under conditions of secrecy, to be made by the Inspector of the affairs of a bank on the application —

(a)

of shareholders holding not less than one-third of the total number of shares in such bank for the time being issued;

(b)

of depositors holding deposits of the value of not less than one-half of the gross value of the total deposits within Singapore shown in the last balance-sheet of such bank.

(2)

Such application shall be supported by such evidence as the Minister may require for the purpose of satisfying himself that the applicants have good reason for requiring such investigation. The Minister may also require the applicants to give such security as he may deem sufficient for the payment of the costs of any investigation.

Clause 20

Production of bank’s books, accounts and documents

(1)

For the purposes of an investigation under sections 17, 18 and 19 of this Ordinance a licensed bank shall afford the Inspector access to 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 the bank.

(2)

If any book, account or document or information is not supplied in accordance with subsection (1) of this section, the licensed bank concerned shall be guilty of an offence against this Ordinance and shall, on conviction, be liable to a fine not exceeding one thousand dollars in respect of every day the default continues.

(3)

For the purposes of an investigation under sections 17, 18 and 19 of this Ordinance the Inspector shall be deemed to be a public servant within the meaning of the Penal Code (Cap. 119).

Clause 21

Action by the Minister if bank unable to meet obligations or conducting business to the detriment of depositors

Where —

(a)

a licensed bank informs the Minister —

(i)

that it considers that it is likely to become unable to meet its obligations; or

(ii)

that it is about to suspend payment; or

(b)

a licensed bank becomes unable to meet its obligations or suspends payment; or

(c)

after investigation is made under section 17, 18, or 19 of this Ordinance the Inspector is of the opinion that a licensed bank —

(i)

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

(ii)

is carrying on its business in a manner detrimental to the interests of its depositors,the Minister may on the advice of the Inspector —

(1)

require the bank forthwith to take such steps as he may consider necessary to rectify the matter;(2)appoint a person to advise the bank in the proper conduct of its business;(3)direct the Inspector to assume control and carry on the business of the bank; or

(4)

direct that a petition be presented to the High Court for the winding up of the bank by the Court.

Clause 22

Control of licensed bank by Minister

(1)

Where the Inspector has assumed control of the business of a licensed bank in pursuance of paragraph (3) of section 21 of this Ordinance the Inspector 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 —

(a)

the deposits with the bank have been repaid or the Inspector is satisfied that suitable provision has been made for their repayment; and

(b)

in the opinion of the Inspector it is no longer necessary for the Inspector to remain in control of the business of the bank.

(2)

Where the Inspector has assumed control of the business of a licensed bank in pursuance of paragraph (3) of section 21 of this Ordinance, the High Court may upon application of the bank, if the High Court is satisfied that it is no longer necessary for the protection of the depositors of the bank that the Inspector should remain in control of the business of the bank, order that the Inspector shall cease to control the business of the bank as from a date specified in the order.

(3)

Where the Inspector has assumed control of the business of a licensed bank in pursuance of paragraph (3) of section 21 of this Ordinance or ceases to control the business of a licensed bank in pursuance of this section, the Inspector shall notify that fact in the Gazette.

Clause 23

Licensed bank under control of Inspector to co-operate with Inspector

(1)

Where the Inspector has assumed control of the business of a licensed bank in pursuance of paragraph (3) of section 21 of this Ordinance the licensed bank shall submit its business to the control of the Inspector and shall provide the Inspector with such facilities as the Inspector requires to carry on the business of that bank.

(2)

Any licensed bank which fails to comply with subsection (1) of this section or with any requirement of the Inspector thereunder shall be guilty of an offence against this Ordinance and shall, on conviction, be liable to a fine not exceeding one thousand dollars for every day during which such default continues.

Clause 24

No investigation of individual customer’s affairs

Nothing in this Ordinance shall authorise the Minister to direct the Inspector, or shall authorise the Minister, to enquire specifically into the affairs of any individual customer of a licensed bank.

Clause 34

Transitional licensing provisions

(1)

Notwithstanding the provisions of sections 3 and 4 of this Ordinance any bank specified in the Third Schedule to this Ordinance which on the 1st day of January 1961 was carrying on banking business in Singapore shall, subject to the provisions of subsection (2) of this section, upon the coming into operation of this Ordinance be granted a licence, 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)

No bank shall be granted a licence under subsection (1) of this section, nor shall any bank licensed thereunder carry on business in Singapore without the written consent of the Minister, if —

(a)

in the case of a bank whose head office is in Singapore, its capital issued and paid up is less than two million Malayan dollars;

(b)

in the case of a bank whose head office is situated outside Singapore, it holds less than two million Malayan dollars in Singapore in respect of its business in Singapore, in the form of immovable property, or such other kinds of assets as the Minister may approve, or both:Provided that the Minister may issue a licence to any bank referred to in subsection (1) of this section which does not conform to any of the provisions of paragraph (a) or (b) of this subsection for such period, not exceeding ten years from the date of the coming into operation of this Ordinance, as may be specified in such licence.

Schedule 1

FIRST SCHEDULE(Section 12(1)(a)).Monthly Statement of Liabilities and Assets of ........................................................................ As At Close of Business on ........................................................................ (Name of Bank)<caption>LIABILITIES.</caption> $1. Capital Paid Up ................

2. Reserve Fund ................

3. Debentures ................

4. Bank’s own notes in circulation ................

5. Deposits of customers other than banks: Singapore Government. Other Singapore Public Authorities. Other. Total. (a) Current and deposit accounts repayable on demand ............ ............ ............ ............ (b) Fixed deposits ........... ............ ............ ............ (c) Savings accounts ........... ............ ............ ............ (d) Other deposits ........... ............ ............ ............ _____ ______ ______ ______ _____ ______ ______ ______ ................

6. Balances held for other banks:

(a)

in Singapore ............ (b) outside Singapore —

(i)

head office and branches ............ (ii) other banks ............ ______ .............. ______ ................

7. Amounts borrowed from:

(a)

Other banks in Singapore ............ (b) Head office and branches outside Singapore ............ (c) Other banks outside Singapore ............ (d) Other creditors ............ ______ ................{ At the date of this return, the following amounts, included under (a) to (d) above, represented money at call in — } (i) Singapore ............ (ii) the Federation ............ (iii) United Kingdom ............ (iv) elsewhere ............ ______ ______ { Contingent liabilities in Singapore — } (i) on bills rediscounted ............ (ii) other ............ ______ ______ 8. Bills payable ................

9. All other liabilities to the public ................ ______TOTAL LIABILITIES ______10. Acceptance on account of customers (as per contra) ................

11. Guarantees, endorsements and other obligations on account of customers (as per contra) ______ ______Date .......................................Part I<caption>ASSETS.</caption> $1. (a) Malayan Notes ............ (b) Malayan Coins ............ ______ ..............

2. Money at call:

(i)

in Singapore ............ (ii) in the Federation ............ (iii) in the United Kingdom ............ (iv) elsewhere ............ ______ ..............

3. Balances with other banks:

(a)

in Singapore ............ (b) outside Sigapore —

(i)

head office and branches ............ (ii) other banks ............ ______ ............ ______ ..............

4. Treasury bills: Maturing within 3 months. longer than 3 months. Total. (a) issued by the Government of Singapore ............ ............ ............ (b) issued by the Government of the Federation ............ ............ ............ (c) issued by the Government of the United Kingdom ............ ............ ............ (d) issued by other Governments ............ ............ ............ ______ ______ ______ ______ ______ ______ ..............

5. Other public securities of:

(a)

the Government of Singapore ............ (b) the Government of the Federation ............ (c) Government of other countries ............ ______ ..............

6. Other securities:

(a)

in Singapore ............ (b) in the Federation ............ (c) in other countries ............ ______ ..............

7. Bills discounted or purchased:

(a)

payable in Singapore —

(i)

for banks in Singapore ............ (ii) for customers other than banks ............ ______ .............. { Comprising Bills: } (i) Maturing as from the date of this return —

(a)

within three months ............ (b) longer than three months ............ ______ (ii) past-due (unpaid and un-accepted) ............ ______ ______ (b) payable outside Singapore ............ ______ ..............Loans and advances (excluding money at call) to:

(a)

other banks in Singapore ............ (b) other banks outside Singapore ............ (c) customers other than banks —

(i)

unsecured ............ (ii) secured ............ ______ ............ ______ 8. Bank premises (buildings, furniture, fixtures, fittings and sites) ..............

9. Bills receivable ..............

10. Other assets .............. ______TOTAL ASSETS ______11. Liabilities of customers for acceptance (as per contra) ..............

12. Liabilities of customers for guarantees, endorsements and other obligations (as per contra) .............. ______ ______Net overseas liabilities/assets $ .................. ........................................... Manager. ........................................... Accountant.Part IIItems 6 (b) and 15 (b)—Balances held for, and balances with, banks outside Singapore (including head office and branches): Balances owed $ Balances due* $Sterling Area countries —Australia ..................... .....................Burma ..................... .....................Ceylon ..................... .....................Hong Kong ..................... .....................India ..................... .....................Pakistan ..................... .....................Federation of Malaya ..................... .....................United Kingdom ..................... .....................Rest of Sterling Area ..................... ..................... __________ __________ __________ __________Dollar Area —Canada ..................... .....................United States of America ..................... .....................Rest of Dollar Area ..................... ..................... __________ __________ __________ __________Other Countries —China ..................... .....................Indonesia ..................... .....................Japan ..................... .....................Western Germany ..................... .....................Thailand ..................... .....................All other countries ..................... ..................... __________ __________ __________ __________Total all countries __________ __________ $Item 21 (c) (i)—Unsecured advances, unsecured loans and unsecured credit facilities granted by the bank during the month to any private or public company in which the bank or any of its directors, officers or employees is interested as director, manager, agent or guarantor: ........................................... ................................................................. ................................................................. ................................................................. ...................... __________Volume of operations: (a) Cheques sent for local clearing ......................(b) Debits to current deposit accounts (transfers between customers and customers’ drawings excluding cheques received through local clearing) ...................... __________ __________* Show amounts not freely transferable to Singapore. ........................................... ................................................................. ................................................................. ......................

Schedule 2

SECOND SCHEDULE(Section 12 (1) (b)).CLASSIFICATION OF LOANS AND ADVANCES IN SINGAPORE OF .............................. AS AT (Name of bank)THE CLOSE OF BUSINESS ON ...........Part I $ $1. Government ............... 2. Other public authorities and utilities ............... _______ ...............Agriculture —3. Rubber ............... 4. Rice ............... 5. Palm oil ............... 6. Coconuts and coconut products ............... 7. Pineapples ............... 8. Tea ............... 9. Other agriculture ............... 10. Fisheries ............... 11. Forestry ............... _______ ...............Mining and Quarrying —12. Tin ............... 13. Iron ore ............... 14. Other minerals ............... _______ ...............Manufacturing —15. Rubber products ............... 16. Tin concentrates ............... 17. Rice milling ............... 18. Food, drink and tobacco (not elsewhere specified) ............... 19. Soaps and oils ............... 20. Textiles and clothing ............... 21. Woodwork and furniture making ............... 22. Printing, publishing, etc. ............... 23. Metal products and machinery (including repairs) ............... 24. Building materials ............... 25. Other manufacturing ............... _______ ...............Construction —26. Building and construction .............. ...............General Commerce —27. Import, export and wholesale trade ............... 28. Retail trade ............... _______ ...............Miscellaneous —29. Transport, storage and communication ............... 30. Hotels, restaurants and boarding houses ............... 31. Building and co-operative societies ............... 32. Financial concerns (including banks) ............... 33. Professional and private individuals:

(a)

for business purposes ............... (b) for private purposes ............... _______ ............... 34. Religious, charitable and recreational institutions ............... 35. All other ............... _______ ............... _______Total Loans and Advances _______Part II Amounts of Loans and Advances No. of Customers $ Up 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 ............... ............... ________ _______ ________ _______.................................... Manager..................................... Accountant.Date ....................................

Schedule 3

THIRD SCHEDULE(SECTION 34)

1. American Express Company, Incorporated.

2. Ban Hin Lee Bank, Limited.

3. Bank of America.

4. Bank of Canton, Limited.

5. Bank of China.

6. Bank of East Asia, Limited.

7. Bank of India, Limited.

8. Bank Negara Indonesia.

9. Bank of Singapore, Limited.

10. Bank of Tokyo, Limited.

11. Bangkok Bank, Limited.

12. Banque de l’Indochine.

13. Chartered Bank.

14. Chung Khiaw Bank, Limited.

15. Eastern Bank, Limited.

16. Far Eastern Bank, Limited.

17. First National City Bank of New York.

18. Hongkong and Shanghai Banking Corporation.

19. Indian Bank, Limited.

20. Indian Overseas Bank, Limited.

21. Industrial and Commercial Bank, Limited.

22. Kwangtung Provincial Bank.

23. Kwong Lee Bank, Limited.

24. Lee Wah Bank, Limited.

25. Lombard Banking (Far East), Limited.

26. Malayan Banking, Limited.

27. Mercantile Rank, Limited.

28. Nationale Handelsbank N. V.

29. Netherlands Trading Society.

30. Oversea-Chinese Banking Corporation, Limited.

31. Overseas Union Bank, Limited.

32. Sze Hai Tong Bank, Limited.

33. United Chinese Bank, Limited.

34. United Commercial Bank, Limited.

Banking Ordinance

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