Singapore legislation

Clause 7

Application for licence

(1)

A company which desires authority to carry on banking business in Singapore shall apply in writing to the Commissioner for a licence under this section and shall supply —

(a)

a copy of the memorandum of association and articles of association or other instrument under which the company is incorporated, duly verified by a statutory declaration made by a senior officer of the company;

(b)

a copy of the latest balance-sheet of the company; and

(c)

such other information as may be called for by the Commissioner.

(2)

Upon receiving an application under subsection (1) of this section, the Commissioner shall consider the application and make a recommendation to the Minister stating whether a licence should be granted and the conditions, if any, to be attached to the licence.

(3)

Upon receipt of an application under subsection (1) of this section together with the recommendation of the Commissioner under subsection (2) of this section, the Minister may, subject to the provisions of section 9 of this Act, grant a licence, with or without conditions, or refuse a licence.

(4)

The Minister may at any time, on the recommendation of the Commissioner, vary or revoke any existing conditions of a licence or impose conditions or additional conditions thereto.

(5)

The Commissioner shall, prior to any action under subsection (4) of this section, notify the intention of the Minister to take such action to the bank concerned and shall give the bank an opportunity to submit reasons why the conditions of its licence should not be so varied or revoked.

(6)

Where a licence is subject to conditions the bank shall comply with those conditions.

(7)

Any bank which fails to comply with any of the conditions of its licence 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.

Read in full context — Banking Bill →