Singapore legislation
Clause 22
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 —
the deposits with the bank have been repaid or the Inspector is satisfied that suitable provision has been made for their repayment; and
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.