Singapore legislation
Clause 23
of Banking Bill
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.