Singapore legislation
Clause 3
of Banking Bill
Clause 3
Banking business to be transacted only by a licensed bank
(1)
Banking business shall not be transacted in Singapore except by a company which is in possession of a license in writing from the Minister authorising it to do so.
(2)
A company which desires to carry on banking business in Singapore shall apply in writing through the Inspector to the Minister for a license under this section and shall supply —
a copy of the memorandum of association and articles of association or other instrument under which the company is incorporated, duly verified by a statutory declaration made by a senior officer of the company;
a copy of the latest balance-sheet of the company; and
such other information as may be called for by the Minister.
(3)
Upon receiving an application under subsection (2) of this section the Inspector shall consider the application and make a recommendation to the Minister stating whether a licence should be granted or not and the conditions (if any) to be attached to the licence.
(4)
Upon receiving an application under subsection (2) of this section and the recommendation of the Inspector under subsection (3) of this section the Minister may subject to the provisions of section 4 of this Ordinance, grant a licence, with or without conditions, or refuse a license.
(5)
The Minister may at any time, on the recommendation of the Inspector, vary or revoke any existing conditions of a licence or impose conditions or additional conditions:Provided that the Minister shall, prior to any such action, notify his intention to take such action to the licensed bank concerned and shall give the bank an opportunity to submit reasons why its licence should not be so amended.
(6)
Where a licence is subject to conditions the licensed bank shall comply with those conditions.
(7)
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.
(8)
Any licensed bank which fails to comply with any conditions of its licence shall be guilty of an offence against this Ordinance and shall, on conviction, be liable to a fine not exceeding five thousand dollars.