Singapore legislation
Clause 28
of Banking Bill
Clause 28
Immovable property
(1)
No bank shall purchase or acquire any immovable property or any right therein exceeding in the aggregate forty per centum of that bank’s capital funds except as may be reasonably necessary for the purpose of conducting its business or of housing or providing amenities for its staff:Provided that this shall not prevent a bank —
from letting part of any building which is used for the purpose of conducting its business; or
from securing a debt on any immovable property and, in the event of default in payment of such debt, from holding such immovable property for realisation by sale or auction at the earliest suitable opportunity.
(2)
The provisions of this section shall not apply to the Development Bank of Singapore, Limited.
(3)
Any bank which contravenes the provisions of subsection (1) of this section shall be guilty of an offence under this Act.