Singapore legislation
Clause 47
of Banking Bill
Clause 47
Bank under control of Commissioner to co-operate with Commissioner
(1)
Where the Commissioner has assumed control of the business of a bank in pursuance of section 44 of this Act the bank shall submit its business to the control of the Commissioner and shall provide the Commissioner with such facilities as he may require to carry on the business of that bank.
(2)
Any bank which fails to comply with subsection (1) of this section or with any requirement of the Commissioner thereunder shall be guilty of an offence under this Act and shall be liable on conviction to a fine not exceeding five thousand dollars and in the case of a continuing offence to a further fine of one thousand dollars for every day during which the offence continues after conviction.