Singapore legislation
Clause 40
of Banking Bill
Clause 40
Special investigation of banks
(1)
The Minister may at any time direct the Commissioner to make an investigation, under conditions of secrecy, of the books, accounts and transactions of any bank, if he has reason to believe that any bank is carrying on its business in a manner likely to be detrimental to the interest of its depositors and other creditors, or has insufficient assets to cover its liabilities to the public, or is contravening the provisions of this Act.
(2)
The Commissioner may appoint an auditor, other than the auditor appointed by the bank or the Commissioner under section 53 of this Act, to exercise the powers of the Commissioner under section 39 of this Act and subsection (1) of this section.