Singapore legislation
Clause 30
of Banking Bill
Clause 30
Liquidation of prohibited transactions
(1)
Any bank which, before the date of the coming into operation of this Act, has entered into any transaction contrary to any of the provisions of sections 25, 26, 27, 28 and 29 of this Act shall, within six months of the said date, submit a statement of those transactions to the Commissioner and shall furthermore, within the said time or such further time as the Commissioner may specify, liquidate such transaction or come within the limitations prescribed by the said sections and dispose of any property or right as may have been acquired thereby.
(2)
Any bank which fails to comply with the provisions of subsection (1) of this section shall be guilty of an offence under this Act.