Clause 34

by deleting the word “or” at the end of paragraph (b) of subsection (1);

by deleting the full-stop at the end of paragraph (c) of subsection (1) and substituting the word “; or”, and by inserting immediately thereafter the following paragraph:“(d)to any loan made to such director in the ordinary course of business of a company whose ordinary business includes the lending of money or the giving of guarantees in connection with loans made by other persons if the activities of that company are regulated by any written law relating to banking, finance companies or insurance or are subject to supervision by the Monetary Authority of Singapore.”;

by deleting the words “a fine not exceeding one thousand dollars” at the end of subsection (4) and substituting the words “imprisonment for a term not exceeding two years or to a fine not exceeding twenty thousand dollars”; and

by inserting, immediately after subsection (5), the following subsection:“(6) For the purpose of subsection (1), the reference to director therein includes a reference to his spouse, son, adopted son, step-son, daughter, adopted daughter and step-daughter.”.