Clause 7

by deleting subsection (2) and substituting the following subsection:“(2) Upon the coming into operation of the Monetary Authority of Singapore (Amendment) Act 1984, there shall be transferred to the Authority —

all the functions, duties and powers of the Commissioner of Insurance under the Insurance Act (Cap. 193); and

all the functions, duties and powers of the Registrar of Companies and the Accountant-General under the Securities Industry Act 1973 (Act 71 of 1973).”; and

by deleting subsection (4) and substituting the following subsection:“(4) Where in any written law or any document whatsoever there is a reference to the Minister for Finance, the Commissioner of Banking, the Commissioner for Finance Companies, the Commissioner of Chit Funds, the Accountant-General, the Controller of Foreign Exchange, the Commissioner of Insurance or the Registrar of Companies in connection with or related to the performance of any of the functions, duties and powers that are transferred to the Authority under subsection (1) or (2) the written law or document shall have effect as if the Authority has originally been referred to in the written law or document instead of the Minister for Finance, the Commissioner of Banking, the Commissioner for Finance Companies, the Commissioner of Chit Funds, the Accountant-General, the Controller of Foreign Exchange, the Commissioner of Insurance or the Registrar of Companies, as the case may be.”.