Singapore legislation
Clause 32
of Banking Bill
Clause 32
Amendment and special provision relating to the Companies Ordinance
(1)
The Companies Ordinance (Cap. 174) is hereby amended —
by substituting a semi-colon for the full-stop appearing at the end of section 166 thereof and inserting immediately thereafter the following new paragraph:—“(7) in the case of a company being a licensed bank under the Banking Ordinance, 1962, (Ord. of 1962), the licence of the company thereunder has expired or been revoked.”; and
by deleting section 309 thereof and substituting therefor the following new Part and section:—“PART XABANKING COMPANIESWinding up of banking companies
309. Any company which carries on banking business in Singapore in contravention of the provisions of section 3, 4 or 34 of the Banking Ordinance, 1962, may, on petition by the Official Receiver, be wound up by the court under the provisions of Part IX of this Ordinance.”.
(2)
The provisions of this Ordinance shall be without prejudice to the provisions of sections 136, 137, 138, 139, 331, 332 and 333 of the Companies Ordinance in so far as they relate to banks and of sections 166 and 168 of the Companies Ordinance in so far as they relate to winding up by the court:Provided that if any such provision is inconsistent with any provision of this Ordinance the provision of this Ordinance shall prevail.