Singapore legislation
Clause 46
of Banking Bill
Clause 46
Duration of control
(1)
Where the Commissioner has assumed control of the business of a bank in pursuance of section 44 of this Act the Commissioner shall, subject to subsection (2) of this section, remain in control of, and continue to carry on, the business of that bank in the name and on behalf of the bank until such time as he is satisfied that the reasons for which he assumes control under section 44 of this Act has ceased to exist.
(2)
Where the Commissioner has assumed control of the business of a bank in pursuance of section 44 of this Act the Minister may, upon the application of the bank, if he is satisfied that it is no longer necessary for the protection of the depositors of the bank that the Commissioner should remain in control of the business of the bank, order that the Commissioner shall cease to control the business of the bank as from a date specified in the order.
(3)
Where the Commissioner has assumed control of the business of a bank in pursuance of section 44 of this Act or ceased to control the business of a bank in pursuance of this section, he shall notify that fact in the Gazette.