Singapore legislation
Clause 17
of Banking Bill
Clause 17
Effect of revocation of licence
(1)
Where an order of revocation becomes effective under section 16 of this Act —
(a)
notice of such revocation shall be published in the Gazette; and
(b)
the bank shall, as from the date of such notice, cease to transact any banking business in Singapore except as may be approved by the Commissioner for the purpose of winding up its banking business.
(2)
The provisions of paragraph (b) of subsection (1) of this section shall not prejudice the enforcement by any person of any right or claim against the bank or by the bank of any right or claim against any person.