Singapore legislation
Clause 6
of Banking Bill
Clause 6
Revocation of licence
(1)
If any licensed bank —
is carrying on its business in a manner detrimental to the interests of its depositors and other creditors; or
has insufficient assets to cover its liabilities to the public; or
is contravening any provisions of this Ordinance; or
has ceased to carry on banking business in Singapore,the Minister may, on the recommendation of the Inspector revoke any licence issued to such bank:Provided that the Minister shall, prior to any such revocation, notify his intention to take such action to the bank concerned and shall give the bank an opportunity to submit reasons why its licence should not be revoked.
(2)
Where the licence of a bank has been revoked under subsection (1) of this section the bank may, within thirty days of such revocation, appeal against such revocation to the High Court, which may make such order thereon as it thinks proper, including any directions as to the costs of the appeal.