Singapore legislation
Clause 12
of Banking Bill
Clause 12
Branches
(1)
No bank shall open a new place of business or change the location of an existing place of business in Singapore without submitting a written application in respect thereof to the Commissioner who shall submit such application together with his recommendation thereon to the Minister.
(2)
Upon receipt of an application and the recommendation of the Commissioner under subsection (1) of this section, the Minister may —
give his approval; or
without assigning any reason therefor, refuse to give his approval.
(3)
No bank incorporated in Singapore shall open a new branch, agency or office in any place outside Singapore without submitting a written application in respect thereof to the Commissioner who, with the consent of the Minister, shall approve or reject such application.
(4)
Any bank which contravenes the provisions of subsection (1) or (3) of this section shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five hundred dollars and in the case of a continuing offence to a further fine of one hundred dollars for every day during which the offence continues after conviction.