Singapore legislation
Clause 5
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.