Singapore legislation
Clause 6
Clause 6
Amendment of section 16
Section 16(1)(a) of the Banking Act is amended —
(a)
by inserting, immediately after sub-paragraph (i), the following sub-paragraphs:“(ii)has furnished information or documents to the Authority in connection with its application for a licence which is or are false or misleading in a material particular;
(iii)
if it is a foreign bank, has had its licence or authority to operate withdrawn by the regulatory body of the country in which it has its principal place of business;”;
(b)
by inserting, immediately after the word “its” in the second line of sub-paragraph (v), the words “directors or”; and
(c)
by renumbering sub-paragraphs (ii) to (v) as sub-paragraphs (iv) to (vii), respectively.