Singapore legislation
Clause 14
of Banking Bill
Clause 14
Mergers
(1)
No bank incorporated in Singapore shall after the coming into operation of this Act be merged or consolidated with or be taken over by any other bank or banks or their subsidiaries or related companies as described in section 6 of the Companies Act, 1967 (Act 42 of 1967), or shall acquire an interest exceeding twenty per centum of the voting share capital of any other bank without application to, and approval by, the Commissioner.
(2)
In considering such an application the Commissioner shall have power to call for such information as he may require.
(3)
Any bank believing itself to be aggrieved by an order of the Commissioner refusing its application may within one month of its being notified of the refusal by the Commissioner appeal against the order to the Minister whose decision thereon shall be final.