Singapore legislation

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.

Read in full context — Banking Ordinance →