Singapore legislation
Clause 9
Clause 9
Amendment of section 32
Section 32 of the Banking Act is amended —
by deleting the marginal note and substituting the following marginal note:“Power of the Authority to secure compliance with sections 10, 19, 25, 27, 28, 29 and 38.”; and
by renumbering the section as subsection (1) of that section, and by inserting immediately thereafter the following subsection:“(2) For the purpose of securing compliance with sections 10, 19 and 38 and the sections referred to in subsection (1), the Authority may from time to time by notice in writing require any bank to aggregate its assets, liabilities or profits, as the case may be, with the assets, liabilities or profits of all or any of the bank’s related companies, as described in section 6 of the Companies Act (Cap. 185), and the bank shall comply with that requirement within such time as is specified in the notice.”.