Clause 72

Notwithstanding the provisions of sections 4 and 9 of this Act, any bank specified in the Fourth Schedule to this Act which on the 1st day of January 1970, was carrying on banking business in Singapore shall, upon the date of the coming into operation of this Act, be granted a licence under this Act, which may be made subject to such conditions, if any, as are contained in any licence under which the bank was carrying on banking business in Singapore immediately before the date of such coming into operation.

Any bank which is granted a licence under the provisions of this section shall comply with the provisions of section 9 of this Act within a period of two years from the date of the coming into operation of this Act.

If any bank licensed under the provisions of this section fails to comply with the provisions of section 9 of this Act in accordance with subsection (2) of this section, the licence granted to it under this section shall become null and void except insofar as may be necessary for the purpose of winding up its banking business.

The Commissioner, with the approval of the Minister, may, in any particular case, extend the period provided by subsection (2) of this section and the period of validity of the licence concerned.