Singapore legislation
Clause 14
of Banking Bill
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 recommendation of the Inspector may approve or withhold approval or 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 the Ordinance.