Singapore legislation
Clause 16
of Banking Bill
Clause 16
Revocation of licence
(1)
The Minister may on the recommendation of the Commissioner by order revoke a licence issued under this Act —
if he is satisfied that the bank holding that licence —
has ceased to transact banking business in Singapore;
proposes to make, or has made, any composition or arrangement with its creditors or has gone into liquidation or has been wound up or otherwise dissolved;
is carrying on its business in a manner likely to be detrimental to the interests of the depositors of the bank or has insufficient assets to cover its liabilities to its depositors or the public;
is contravening the provisions of this Act; or
has been convicted of any offence under this Act or any of its officers holding a managerial or executive position has been convicted of any offence under this Act; or
if the Commissioner has made a report to him under subsection (3) of section 44 of this Act and the Minister considers that it is in the public interest to revoke the licence.
(2)
The Minister shall before revoking any licence under the provisions of subsection (1) of this section cause the Commissioner to give the bank concerned notice in writing of his intention to do so, specifying a date, not less than twenty-one days after the date of the notice, upon which such revocation shall take effect and calling upon the bank to show cause to the Minister why such licence should not be revoked.
(3)
When the Minister has revoked a licence under the provisions of subsection (1) of this section, the Commissioner shall forthwith inform the bank of such revocation.
(4)
Any bank whose licence has been revoked pursuant to the provisions of this section shall have a right of appeal to the High Court against the order of revocation.
(5)
An order of revocation made by the Minister shall not take effect until the expiration of a period of twenty-one days after the Commissioner has informed the bank of such order.
(6)
If within such period the bank concerned gives due notice of appeal to the High Court such order shall not take effect unless the order is confirmed by the Court or the appeal is for any reason dismissed by that Court.
(7)
The making of an appeal by a bank under this section shall in no way affect the exercise of the powers of the Minister and the Commissioner in relation to that bank under sections 44, 45, 46, 47 and 48 of this Act.